Renault sells Volvo shares, remains key owner

Renault (RENA.PA) is to cut debt after a 3 billion euro ($4.2 billion) sale of shares in world number two truckmaker Volvo (VOLVb.ST), which sent the French carmaker's shares to a nine-month high on Thursday.

Volvo said there would be little change in direction because Renault would remain the most influential voting shareholder. Renault sold B-class shares, which have less voting power.

Renault chief executive Carlos Ghosn said the share placing "confirms investor confidence in the future development of Volvo Group, which we share, as Renault will remain a major shareholder with 17.5 percent of voting rights."

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- Posted: 2010-10-07 08:55:07

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