Paris — France gave up some of its control over Renault with the sale of a 4.7% stake in the car maker that was acquired in a contentious power struggle two years ago. The government sold 14-million Renault shares for ¤1.21bn ($1.4bn), reducing its stake back to its historical level of 15%, the state’s investment agency APE said. Renault acquired 1.4-million shares as part of the transaction and plans to offer them to employees, the company said in a statement on Friday. French President Emmanuel Macron, who spearheaded the stake purchase as economy minister in April 2015, is reversing the move, as promised. The government had acquired the shares in a surprise move as it sought to thwart an effort by Nissan Motor to gain a say in its French partner. France prevailed in the spat, securing special voting rights that give it more sway in the automotive alliance than the Japanese car maker, which generates a majority of the profit. "This news is quite positive as it will reduce tensions...

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