France Is Intent on Gaining Extra Clout at Renault, Macron Says
2015-04-28 14:48:33.945 GMT
By Jonathan Stearns
(Bloomberg) -- The French government is determined to
obtain double-voting rights at carmaker Renault SA, says Economy
Minister Emmanuel Macron.
* “I want to see this through to the end,” Macron tells
reporters in Strasbourg, France
* He dismisses the notion that Renault’s alliance with Japan’s
Nissan Motor Co. makes such a step imprudent, saying Renault
controls Nissan, the French state has always respected its
partners in companies and the government is merely pursuing
its rights as a long-term investor
* “It’s normal that a state defends its rights,” Macron says
* He says the government’s goal is the stability of an
“important” French manufacturer, whereas other investors
have shorter-term interests
* “There are sensitivities on the subject; they are largely,
by the way, often the sensitivities of the market. Who is
upset by double-voting rights? The people, the speculators,
the market investors who are short-termists. It’s a real
ideological debate,” Macron says
* He says the government doesn’t confound its roles as a
regulator and as an investor
* “We are not interventionist,” Macron says
* NOTE: France will secure at least 30% of the voting rights
at Renault should the government win a shareholder vote at
the company’s annual meeting on April 30, up from 17.7% at
the beginning of April
* NOTE: April 17: France’s Power Grab Poses Risk to Ghosn’s
Renault-Nissan Plan Link
Link to Company News:{RNO FP <Equity> CN <GO>}
Link to Company News:{7201 JP <Equity> CN <GO>}
For Related News and Information:
First Word scrolling panel: {FIRST<GO>}
First Word newswire: {NH BFW<GO>}
To contact the reporter on this story:
Jonathan Stearns in Strasbourg, France at +32-2-285-4306 or
jstearns2@bloomberg.net
To contact the editor responsible for this story:
Jones Hayden at +32-2-285-4312 or
jhayden1@bloomberg.net
2015-04-28 14:48:33.945 GMT
By Jonathan Stearns
(Bloomberg) -- The French government is determined to
obtain double-voting rights at carmaker Renault SA, says Economy
Minister Emmanuel Macron.
* “I want to see this through to the end,” Macron tells
reporters in Strasbourg, France
* He dismisses the notion that Renault’s alliance with Japan’s
Nissan Motor Co. makes such a step imprudent, saying Renault
controls Nissan, the French state has always respected its
partners in companies and the government is merely pursuing
its rights as a long-term investor
* “It’s normal that a state defends its rights,” Macron says
* He says the government’s goal is the stability of an
“important” French manufacturer, whereas other investors
have shorter-term interests
* “There are sensitivities on the subject; they are largely,
by the way, often the sensitivities of the market. Who is
upset by double-voting rights? The people, the speculators,
the market investors who are short-termists. It’s a real
ideological debate,” Macron says
* He says the government doesn’t confound its roles as a
regulator and as an investor
* “We are not interventionist,” Macron says
* NOTE: France will secure at least 30% of the voting rights
at Renault should the government win a shareholder vote at
the company’s annual meeting on April 30, up from 17.7% at
the beginning of April
* NOTE: April 17: France’s Power Grab Poses Risk to Ghosn’s
Renault-Nissan Plan Link
Link to Company News:{RNO FP <Equity> CN <GO>}
Link to Company News:{7201 JP <Equity> CN <GO>}
For Related News and Information:
First Word scrolling panel: {FIRST<GO>}
First Word newswire: {NH BFW<GO>}
To contact the reporter on this story:
Jonathan Stearns in Strasbourg, France at +32-2-285-4306 or
jstearns2@bloomberg.net
To contact the editor responsible for this story:
Jones Hayden at +32-2-285-4312 or
jhayden1@bloomberg.net