France relinquishes some of its control over Renault, selling 14-million shares
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...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.