French Government Eases Grip on Renault With $1.4 Billion Sale
- Stake was temporarily acquired in power struggle with Renault
- France remains Renault’s biggest shareholder ahead of Nissan
Photographer: Dhiraj Singh/Bloomberg
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France gave up some of its control over Renault SA with the sale of a 4.7 percent stake in the carmaker that was acquired in a contentious power struggle two years ago.
The government sold 14 million Renault shares for 1.21 billion euros ($1.4 billion), reducing its stake back to its historical level of 15 percent, the state’s investment agency APE said. Renault acquired 1.4 million shares as part of the transaction and plans to offer them to employees, the Boulogne-Billancourt-based company said in a statement Friday.