France Confirms It Will Sell 5% Stake in Renault

The French government says it plans next spring to sell the 5% additional stake it acquired in Renault SA in April.

France, which previously owned 15% of Renault, amassed control of an additional 5% stake to block Renault's board from retaining the company's "one share, one vote" shareholder policy.

The ploy forced Renault to adopt a year-old French law that awards double voting rights to investors including the government who have held shares in the company for more than two years. Economy Minister Emmanuel Macron insisted at the time the maneuver was not interventionist, declaring that "the state will not be a powerless shareholder."

The move strengthened the government's ability to defend Renault from a foreign takeover. Critics pointed out it also gave France more cloud in interfering with the company's business decisions, particularly those involving employment in the country.

Macron told the French daily Le Monde on Thursday the government would honor its pledge to sell the extra 5% stake early next year.