By Kim Richters 
 

Daimler AG said Thursday that it has sold its entire stake in French peer Renault SA for around 305 million euros ($350.2 million).

The German luxury auto maker launched an accelerated bookbuilt offer to institutional investors after market close on Wednesday, selling all of the around 9.2 million ordinary shares it held in Renault.

Daimler said the industrial partnership between the two auto makers isn't affected by the transaction.

The divestment comes after Renault earlier this year sold its entire stake in Daimler for about EUR1.14 billion.

Write to Kim Richters at kim.richters@wsj.com

(END) Dow Jones Newswires

November 11, 2021 05:36 ET (10:36 GMT)