Aramco close to joining Renault-Geely car venture FMTNews FMTBusiness
PARIS: Saudi Aramco signed a letter of intent to potentially acquire a minority stake in Renault SA and Zhejiang Geely Holding Group Co’s planned combustion-engine venture as the oil behemoth seeks to expand into transport technologies.
The companies didn’t provide further details about how big their stakes would be, or whether the agreement is binding. Bloomberg News reported the deal earlier this week.
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