Renault sells its stake in Daimler for more than a billion euros

French carmaker Renault has sold a 1.54% stake in Germany's Daimler for about 1.143 billion euros, Report informs, citing Prime.

The French company said that 16,448,378 shares were sold for EUR 69.5 per share.

"The industrial partnership between Renault and Daimler remains unchanged, and this financial agreement will not affect it," the company noted.

Revenue from sales will allow Renault to accelerate the reduction of debt in the automotive industry.