Renault Sells $4.4 Billion Stake in Volvo

Renault SA, France’s second-largest automaker, is selling a 14.9% stake in Volvo AB valued at 3.15 billion euros, or about $4.4 billion, Bloomberg reported.

The move takes advantage of a surge in the Sweden-based truck maker’s shares to pay down Renault’s debt, Bloomberg said.

Increasing truck orders allowed Gothenburg, Sweden-based Volvo and competitors Daimler AG and Scania AB to beat earnings estimates or raise their profit outlook this year.

Volvo’s shares have advanced 57% in the past 12 months, while Renault’s have gained 15%, Bloomberg reported.

Volvo AB is the parent company of Volvo Trucks North America and Mack Trucks.