Renault has sold its stake in the B series shares of Volvo AB

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Renault announced today the successful completion of the institutional private placement of 302,915,940 Series B shares of Volvo AB representing its entire stake in the Series B shares, 14.9% of the share capital and 3.8% of the voting rights in Volvo AB, at a price of 93 SEK per share. The proceeds from the transaction amounted to 28.2 billion SEK (equivalent indicative value in euro = €3,013 million).

“This successful placement of Volvo B shares confirms investor confidence in the future development of Volvo Group, which we share, as Renault will remain a major shareholder with 17.5% of voting rights. The funds raised from the placement will strengthen Renault’s balance sheet, in preparation for the launch of our new strategic plan next year”, said Carlos Ghosn, CEO and Chairman of the Renault-Nissan alliance.

Source: Renault (press release/media site)