France will cut the share in Renault to 15%

Moscow. November 10. The French government still aims to reduce its stake in the automotive company Renault to 15%, said the Minister of the economy Emmanuel macron.

He also said that the government opposes significant changes in the Japanese Alliance of Renault and Nissan Motor, which has existed for 16 years, according to MarketWatch.

In April, France had acquired 4.7% of the French automaker, raising its market share from 15% to 19.7% ahead of the annual shareholders ‘ meeting in order to get the veto. Then to the vote it was proposed to cancel the rule according to which the shareholders holding the company shares more than two years will automatically receive double voting rights. The government managed to block the proposal, and the rule was upheld.

State investment Fund APA previously promised to sell this autumn, with a 4.7% stake in Renault, but in the beginning of October the government decided to postpone plans to reduce its presence in the background of the scandal with German Volkswagen that caused the fall of quotations of securities of European automakers.

Renault shares fell during trading on Tuesday by 0.2%. The company’s capitalization is around 27.5 billion euros.