Skip to content
Subscriber Only
Business
Pursuits

France Inc. Bristles Over Law Giving Votes to Select Few

The government’s determination to force compliance with its “Florange Law” -- promising extra voting power to those owning stocks for more than two years -- became apparent last week when it increased its stake in Renault SA to scupper the carmaker’s attempt to avoid making the change.

The government’s determination to force compliance with its “Florange Law” -- promising extra voting power to those owning stocks for more than two years -- became apparent last week when it increased its stake in Renault SA to scupper the carmaker’s attempt to avoid making the change.

Photographer: Simon Dawson/Bloomberg
Updated on

Billionaire Vincent Bollore and France’s Socialist government aren’t obvious bedfellows, yet the two have found common cause in trying to secure double-voting rights for long-term French investors.

The government’s determination to force compliance with its “Florange Law” -- promising extra voting power to those owning stocks for more than two years -- became apparent last week when it increased its stake in Renault SA to scupper the carmaker’s attempt to avoid making the change.