French carmaker Renault said on Thursday it would sell all of its 1.54 percent stake in Germany’s Daimler in order to speed up de-leveraging of its automotive business.

Renault said in a statement that it would sell its 16.45 million Daimler shares through a placement to qualified investors via an accelerated book-building process.

Based on Daimler’s closing share price of 72.09 euros per share on Thursday, Renault’s stake would be worth a little more than 1.18 billion euros ($1.41 billion).

“The industrial partnership between the Renault Group and Daimler remains unchanged and is not impacted by this financial transaction,” Renault said.

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The French carmaker, with it Japanese partner Nissan, had exchanged stakes with Daimler in 2010 to strengthen their industrial partnerships.

First Published:Mar 12, 2021 9:35 AM IST