French auto maker Renault announced October 7 that it was selling part of its stake in Volvo AB for 3 billion euros (approximately $4.16 billion).
The sale of the Volvo stock represented 14.9% of the share capital and 3.8% of voting rights. Following the sales, Renault still holds 17.5% of Volvo’s share voting rights. Renault has been a Volvo shareholder since 2001, when it sold its commercial truck division to the Swedish company in exchange for stock.