FRANKFURT - Renault is set to sell a majority stake in its tractor business in the next few months to unlisted German harvesting machinery maker Claas, a newspaper quoted the automaker's chairman as saying on Friday.
The two firms have agreed on the most important parts of the deal, German business daily Handelsblatt said.
"There are no more points of difference, everything is arranged and must only be formulated," it quoted Renault Chairman Louis Schweitzer as saying.
Renault confirmed last month it was seeking partners for its tractor-making division to help boost its market share but said then it had not yet made a decision on its Renault Agriculture subsidiary, a non-core business for the vehicle maker.
Alongside Claas, AGCO Corp., which counts among the top three U.S. farm equipment makers, has been touted as a possible buyer for the business, which returned to profit in 2002 after slipping into the red in 2001.