이 기사는 2022년 05월 12일 07:42 thebell 에 표출된 기사입니다.

Renault Korea Motors’ ownership structure is set to be changed after a 16-year status quo as China’s largest private automaker Geely agreed to buy a significant minority stake in the French automaker’s Korea unit.

Renault Korea said Tuesday that Geely Automobile Holdings would acquire a 34.02% stake in the company. It did not disclose further details about when the deal will close and how much stake each shareholder of the company will have after the transaction.

The acquisition will make Geely the second largest shareholder of Renault Korea behind Renault Group. Currently, the company is 80.04% owned by the French automaker and 19.9% owned by South Korea’s Samsung Card.


The company’s two major shareholders will sell part of their stakes to Geely, Renault Korea said. This will enable Samsung Card, which has been looking for a buyer for its stake in the automaker since last year, to make a partial exit.

After the transaction is close, Renault Group’s stake in the company is expected to reduce by more than a fifth, although it will remain the largest shareholder. Some speculate that Geely may consider purchasing Samsung Card’s remaining stake in Renault Korea in the future.

It is likely Geely will wield its influence on Renault Korea by taking seats on the board of directors, industry watchers said. Currently, the company’s board is composed entirely of Renault executives.

An official at Renault Korea declined to comment on whether Geely executives will join the company’s board after the stake acquisition.

Geely has strong interest in the South Korean auto market’s potential, Renault Korea said. The stake purchase is expected to strengthen the partnership between Renault and Geely. The two automakers announced a collaboration agreement in January to develop and produce hybrid electric vehicle models in South Korea for the country’s market and export sales.

Geely’s equity investment suggests its “commitment to cooperating with Renault Korea to create synergies,” said Renault Korea chief executive Stephane Deblaise said. He added Renault and Geely will work together to accelerate the French automaker’s “Renaulution” strategy and successfully launch new vehicle models in South Korea. (Reporting by Su-jin Yoo)