France to Spend $1.3 Billion to Guarantee Rights at Renault
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The French state will spend as much as 1.23 billion euros ($1.3 billion) to raise its stake in Renault SA and maintain its influence in the carmaker.
The French treasury bought 9.6 million Renault shares on the market yesterday and has given a bank a mandate to acquire 4.4 million more, the Industry Ministry said in a statement Wednesday. The move will cost between 814 million euros and 1.23 billion euros and safeguard extra voting rights the government and other long-term shareholders are due to receive.