Renault announces Morocco deal
Renault s.a.s. confirmed that on April 26, 2005 it had acquired all Fiat Auto Spa's holding in Société Marocaine de Construction Automobile (SOMACA), equivalent to 20%, for a total of €4.5 million.
Further to this operation, which follows on from the acquisition in 2003 of the 26% shareheld by the Moroccan State, the Renault group's holding in SOMACA rose from 34 to 54%.
SOMACA assembles Kangoos for Renault and will start production in June 2005 of Logan, as part of the agreement signed with the Moroccan authorities on the assembly of an economical family vehicle intended for sale on the local market and for export.