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RENAULT withdraws from Volvo and sells everything

Thursday, 13 December 2012
AB Volvo's largest shareholder, French Renault, is leaving the truck company. On Wednesday evening, Renault with the help of Carnegie and Goldman Sachs, sold all of its 138.6 million A class shares.

The sales is worth about Skr13 billion, sold through a so-called book-building, where banks are calling around to potential buyers, offering shares. Nordic participants were contacted by Carnegie and the international ones by Goldman Sachs.
Volvo Truck

Interested parties were invited to buy A shares of Volvo, which on Wednesday closed at Skr95.90 and have been dangling between Skr91.25 and Skr93.25 per share.

According to the Swedish Business daily, Dagens Industri, both foreign and Swedish institutions were interested in buying the shares, even though many Swedes already have a large holding of the shares. The process began after the close of trading and the book was filled quickly, even if the banks then proceeded to get the highest possible price.

Volvo's second-largest owner, Industrivärden, would not comment about if the investment company wanted to buy more shares.

Third largest shareholder in Volvo, in terms of voting power is Violet Partners, which owns 43.7 million Class A shares and thus controls 5.6 percent of the votes. Founder Christer Gardell, however, late on Wednesday night was secretive about whether he wants to buy more shares.
by Scancomark.com Team

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