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Saudi Aramco Acquires 10% Stake in Renault-Geely JV
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Saudi Aramco, the world's largest oil producer, through its wholly owned subsidiary Aramco Asia Singapore Pte. Ltd, acquired a 10% equity interest in Horse Powertrain, a joint venture between French automaker Renault (RNLSY.US) and GEELY AUTO (00175.HK), foreign media reported. Horse Powertrain primarily produces powertrain components for internal combustion engines vehicles (ICEVs) and plug-in hybrid electric vehicles (PHEVs), and also produces synthetic fuels, according to the report. The acquisition was completed on the basis of a definitive agreement signed on June 28, 2024, with all necessary regulatory approvals. Saudi Aramco's investment was based on the company valuation of EUR7.4 billion, with Renault and Geely each holding a 45% stake in the joint venture. AAStocks Financial News |
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