Block party

13 December 2012 By Dominic Elliott

Renault’s sale of its 6.5 pct stake in Volvo is a boon for the French carmaker. But it was hazardous for Goldman, which stood to wear as much as 1.5 bln euros in selling the block. Any loss would hurt just as the books are about to close for 2012. The upside? League-table credit.

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French carmaker Renault disposed of a 6.5 percent stake in Volvo on Dec. 13 raising about 1.5 billion euros. The sale, which was placed by Goldman Sachs at a 3.8 percent discount to the previous closing price, completes Renault’s exit from the Swedish truckmaker. The French company previously sold a 14.9 percent stake in Volvo worth about 3 billion euros in October 2010.
HSBC was left with a 5.4 percent stake in Spanish travel software group Amadeus after failing to sell a block of stock to institutional investors on Nov. 14.

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