France selling 4.7% stake in Renault: government agency

2017-11-02 07:03:15

(MENAFN- AFP) The French government on Thursday launched the sale of a 4.73 percent stake in automaker Renault, a state agency handling public assets said.

The sale will cut France's stake in Renault back to the 15.01 percent level that it stood at two-and-a-half years ago, but still leaves it as the automaker's biggest single shareholder.

In April 2015, the French government acquired the same 4.73 stake that it is now selling to gain a blocking minority stake.

At the time, it said it would use its increased power in the company to push through measures designed to reward long-term investors, including with double voting rights.

This had now been achieved, said the Agence des Participations de l'Etat (APE), which handles state-owned shareholdings on behalf of the French government.

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