France: No Plan to Alter Stakes in Renault-Nissan Alliance

France’s financial minister says there are no plans to alter the lopsided equity holdings in alliance between Renault SA and Nissan Motor Co.

Minister Bruno Le Maire tells France’s Journal du Dimanche that the state, which owns a 15% stake in Renault, says there are no proposals on the table to rebalance or modify the current cross shareholdings. Renault owns a 43% voting interest in Nissan, which holds a 15% nonvoting stake in Renault.

Le Maire adds that the country wants “solid and stable” management at Renault. France has been touting Jean-Dominique Senard, who is scheduled to step down as CEO at tiremaker Michelin & Cie. in May.

Nissan reportedly opposes combining the two companies, likely under a single holding company, as reports say Renault had been exploring. Now those plans have been suspended pending the legal outcome of Nissan claims that Carlos Ghosn, formerly the chairman of both companies, is guilty of financial wrongdoing.