Less debt, a better rating from rating agencies, a greater margin of manoeuvre to finance new projects... Analysts see many benefits to the disengagement of the manufacturer of trucks Volvo initiated by Renault. The French manufacturer placed a 14.9 interest in the Swedish society for EUR 3 billion, with a discount limited to 4 by report in stock to institutional investors yesterday. The share of Renault is thus reduced to 6.8 Andrea Bocelli ticket and 17.5 of the voting rights.
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"Raised funds will further strengthen the balance sheet of Renault for the launch of our new strategic plan the Sting ticket next year," said President and CEO, Carlos Ghosn.
Renault must present a new development program in February, after abandoning his plan 2006-2009 because of the crisis. It could turn around axes such as the reduction of emissions of CO2, the electric car and development in emerging countries.
While waiting to learn more about the projects of the constructor, investors welcomed the debt reduction Planner. The action, which jumped from 8.45 to EUR 39.60 finally found its level at the beginning of the year. According to the calculations of analysts, this placement to reduce net debt to about 2.2 billion, or 0.9 times the gross operating surplus. This Andrea Bocelli should result in a reduction of financial David Guetta expenses and improve the credit rating, which will allow Renault to finance at a lower cost in the financial markets. The automotive group had to borrow from the State during the crisis at David Guetta tickets an interest rate indexed on its operating margin, which it is very expensive now (about 7.5). Renault has already paid back one-third of the loan and seems not to want to wait until its expiry date in 2014 to reverse the remaining 2 billion.
Recovery of the financial memorandum
Since yesterday, the Fitch Agency noted the note of debt long term from BB to BB . "The sale of this participation is not a surprise and the use to be made to reduce the debt of the automotive business as EUR 3 billion will enable Renault to achieve comparable to those of PSA, levels of indebtedness noted BB ", says the Agency.
That said, the timing of the operation was surprised. Because Renault will not benefit to full recovery expected in the heavy weight, a very cyclical industry. Volvo AB started to get David Guetta ticket out of the tickets for Sting rut in tickets for David Guetta the first half, contributing to the result of Renault to 121 million euros. In addition, "the economy on the financial costs not offset not totally due to unbind Volvo", noted Gaetan Toulemonde, analyst at Deutsche Bank. In this case, why now sell For CM - CIC Securities analysts, this assignment will enable probably "to accelerate Andrea Bocelli tickets the development of the product plan, either in electric vehicle which could prove more costly than expected, or thermal vehicles, with the"pipe"is quite low". Or even to "seize an Sting opportunity for capital partnership with GM", in his introduction on the stock exchange. Is he says he is tickets for Andrea Bocelli interested in a partnership Sting tickets with the U.S., Carlos Ghosn was however excluded to enter its capital on its rating. "It will not do anything to get" to an agreement, he said on the margins of the automotive world.