Renault to up stake in Morocco auto group SOMACA

Newswire

PARIS, July 28 (Reuters) - French auto maker Renault said on Monday it signed a deal to buy 38 percent of state-owned Moroccan car assembler SOMACA from the government. The announcement came alongside a move by the French government to cut its holding in Renault to 15 percent, raising about 1.3 billion euros. Renault said it would acquire a 26 percent stake in SOMACA at the end of September and obtain the remaining 12 percent by the end of October 2005. Its unit in Morocco already owns ...

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