By Giulia Petroni 
 

Renault SA said Thursday that it plans to sell its entire stake in Daimler AG through an accelerated bookbuilding process.

The French auto maker said the sale proceeds will allow it to accelerate the deleveraging of its automotive activity. The stake represents 1.54% of Daimler's share capital.

The offering is set to start immediately and settlement is expected to take place on March 16, at the latest.

Renault said the transaction won't affect its partnership with Daimler, which remains unchanged.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

March 11, 2021 12:13 ET (17:13 GMT)