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Renault Sells Control of Ag Unit
PARIS - Feb 24/03 - SNS -- Renault has sold a controlling interest in its agricultural unit to the German harvesting machinery maker Claas.
The French car maker is now left with 49% ownership of the unit, while giving Class the option to increase its holding to 80% after three years. Renault retained first right of refusal on the remaining 20% holding.
Renault Agriculture's sales have been estimated at Euros 630 million in 2002, while Claas is believed to have paid significantly less than 200 million Euros for its share of the operation.
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