Renault raises stake in Moroccan assembly plant

Newswire

RABAT, Oct 28 (Reuters) - French Renault raised its stake in Moroccan car assembler Somaca to 66 percent after buying the state's remaining 12 percent stake, the finance and privatisation ministry said on Friday. The deal, worth 30 million dirhams ($3.3 million), is part of a July 2003 agreement under which the French firm paid 65 million dirhams to buy the state's first 26 percent stake in Somaca, the ministry said in a statement. The July 2003 transaction allowed Renault to hike its ...

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