Volvo shareholder keen on Renault stake

Volvo shareholder keen on Renault stake
Swedish holding company Industrivärlden, Volvo Group's second largest shareholder, has confirmed its interest in buying some or all of Renault's stake in the Swedish truckmaker.

“If Renault wants to sell its shares, we would be interested in taking some of them,” Industrivaerden’s new chairman, Sverker Martin-Löf, told financial daily Dagens Industri.

The comments sent Volvo Group shares up more than four percent in early trading on the Stockholm Stock Exchange, and by around 1.30 CET they were trading up 3.17 percent at nearly 96 kronor ($12.51).

But Martin-Löf underlined to the newspaper that no discussions were currently ongoing with the French firm nor did he have any concrete information regarding plans to offload the stock.

Dagens Industri’s report came amidst speculation in Swedish and international media that France’s Renault, which is Volvo’s largest stakeholder with 21 percent of shares, would divest itself of its holdings in the Swedish truckmaker.

Industrivärden currently holds 8.5 percent of Volvo Group, which makes trucks, buses and boat and aircraft equipment, but does not include the Volvo Cars brand.

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