Reported 12 months ago
Saudi Aramco will acquire a 10% stake in a car joint venture with Renault SA and Zhejiang Geely Holding Group Co., with the transaction valuing Horse Powertrain Ltd. at €7.4 billion. Renault and Geely will each retain 45% stakes, as confirmed by Bloomberg News. The deal, expected to reach €15 billion in annual revenue, forms a crucial part of Renault's restructuring under CEO Luca de Meo, involving the production of combustion engines and hybrid powertrains.
Source: YAHOO