By Mauro Orru 
 

Renault SA said Friday that it has sold its stake in Daimler AG for about 1.14 billion euros ($1.37 billion) through an accelerated bookbuilding process.

The French car maker said it sold shares representing 1.54% of Daimler's share capital at EUR69.50 a share.

Settlement should take place on Tuesday at the latest.

"The proceeds of this sale will allow the Renault Group to accelerate the financial deleveraging of its automotive activity," Renault said in a statement.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

March 12, 2021 02:31 ET (07:31 GMT)