(Reuters) -Oil producer Saudi Aramco will buy a 10% stake in a thermal engines joint venture between French carmaker Renault and Chinese automaker Geely, the companies said on Friday, valuing the business at 7.40 billion euros ($7.93 billion). Geely and Renault will own around 45% each of the powertrain venture, called Horse Powertrain, which will supply gasoline engines, hybrid systems and gearboxes for thermal vehicles.
PARIS (Reuters) -Saudi Aramco is set to take a 10% stake in a thermal engine joint venture between Renault and China's Geely called Horse Powertrain, said two sources familiar with the matter, beefing up a business supplying legacy automakers as electric-vehicle sales slow. The agreement to take a 10% stake in the Horse Powertrain business, first reported by Bloomberg, is lower than the stake of around 20% which was cited by sources at the beginning of discussions. The transaction would value Horse Powertrain at around 7.4 billion euros ($7.92 billion), said one of the sources.
Here is how Blue Bird (BLBD) and Geely Automobile Holdings Ltd. (GELYY) have performed compared to their sector so far this year.