Renault will sell its remaining stake in the Daimler Group

The French carmaker Renault wants to profit from the strengthening of Daimler's shares and sell the entire remaining share, which it still has in the German concern. Renault will sell 16.4 million shares in Daimler, equivalent to about 1.54 percent of the German company's share capital. The French carmaker will use the proceeds from the sale to reduce debt, the French carmaker said on Thursday evening. Renault will offer a package of Daimler shares to professional investors. The sale of shares will not affect the partnership of both cars. The Daimler share closed at 72.09 euros on Thursday, which means that the said package of shares has a value of about 1.19 billion euros. With such a large offer, the price will probably be slightly lower. Shares of Daimler have improved by more than 60 percent since the beginning of November. Renault recorded a record loss of 8 billion euros last year. The reason was the corona crisis and the problems of the partner car manufacturer Nissan.