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France Vows to Cut Stake in Renault
The French government is “not far” from reducing its stake in Renault SA to its former 15% from the current 19.7%, according to Economy Minister Emmanuel Macron.
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The French government is “not far” from reducing its stake in Renault SA to its former 15% from the current 19.7%, according to Economy Minister Emmanuel Macron.
The state raised its holding in April in a successful bid to force Renault to accept a new law that next spring will give long-term shareholders—including the government—double votes.
The state said at the the time it intended to quickly return to its traditional stake. Macron tells Europe 1 radio the government will do so as soon as Renault’s stock price improves enough to enable a breakeven sale of the excess shares.
He also reiterates that France opposes any change in Renault’s alliance with Nissan. Renault’s board reportedly has proposed multiple schemes to give Nissan voting rights within the partnership, including a full merger. But Macron says combining the companies is “not on the agenda.”
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