PARIS — Renault SA agrees to sell its 50% stake in Irisbus (see WAI — April '01, p.4) to its partner, Fiat SpA truck-subsidiary Iveco. The purchase is a coup for Iveco, which is a moderately successful truckmaker, whereas Irisbus is the most profitable of the European bus operations, with a margin of more than 4% and sales of around E1 billion (US$890.2 million) annually. Additionally, Irisbus is gambling on establishing a North American operation, beginning in Las Vegas. Renault will ...

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