Renault has announced the sale of its complete shares in the AB Volvo group to reduce the debts and improve its financial position.
The company is selling the shares which represent 6.5% of the total shares and 17.2% of the voting rights of the AB Volvo group which were bought in 2001.
Series of the sales was started in October 2010 with sale of Series B shares representing 14.9% of the share capital and 3.8% of the voting rights at that time.
With the present sale of 138,604,945 Series A shares the company is likely to loose its complete holdings of the group.
The amount raised from the sale is planned to be used in improving the financial stability of the company by reducing the debt and investing in France that will correspond about 40% of industrial investments of the company in 2013.
The company plans to invest in Russia and China, which is expected to provide new growth opportunities for the company.
