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France to sell 5pc Renault stake

PARIS, July 31, 2015

France is preparing to sell the five per cent Renault stake it had acquired earlier this year to secure a doubling of voting rights for longer-term investors, Economy Minister Emmanuel Macron said in an interview published on Thursday.

"Going forward, we will sell the 5 per cent in Renault acquired in the spring," Macron told French daily Le Monde, adding that the government had so far met half of its target for privatisations in 2015.

The government had increased its Renault stake from 15 to 20 per cent ahead of Renault's April 30 shareholder meeting in order to block the company's plans to opt-out of a law that doubles voting rights for longer-terms shareholders - including the French state. Macron said at the time that the additional shares would be re-sold after the vote. - Reuters




Tags: Renault | France | Stake | sell |

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