Renault SA signs a memorandum of understanding to purchase the 38% stake in Moroccan auto maker Somaca owned by the Moroccan government. Renault agrees to acquire 26% of the equity stake by September, with the remaining 12% to be acquired by the end of October 2005. Once the acquisition is completed, Renault and its subsidiary Renault Maroc – which currently holds an 8% stake in Somaca – jointly will control 46% of the company. Other main shareholders in Somaca are Fiat Auto SpA and PSA ...
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