Even if the French government doubled its voting rights in Renault, this strong position should not lead to any changes to the alliance’s structure, French Economy Minister claims.
As everyone knows, the French government raised its Renault stake in April to secure double voting rights, as it wanted to be sure that it is still in control of the alliance. Since then, there were back and forth statements from both sides around the subject. The move attracted a lot of criticism from its Japanese partner, and France has tried several times to cool things down. French Economy Minister Emmanuel Macron has recently told the lower House of Parliament that the decision to secure double voting rights in Renault should not result in any changes to the structure of the alliance, and the government would not accept such alterations. “Under no circumstances shall we accept that the balance be revisited,” Macron said. “Thinking that this operation calls into question the alliance’s balance is a flight of fancy,” Macron said.
Earlier this month, sources told Reuters the French government had softened its stance by offering to limit its voting rights at Renault. “We will return to 15 percent. We won’t lose money on this transaction. We’re not far from being able to do it,” Macron stated. But even if France intends to take a slight step back, other sources say that alliance’s joint CEO Carlos Ghosn remains determined to make some changes that would give the Japanese company greater influence over the partnership, readjusting the balance of power. The battle for power is far from being over…