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November 12, 2015

France seeking Renault-Nissan integration, not full merger

The French government this week stated its wants to increase “operational integration” between Renault and Nissan but confirmed it was not seeking a full merger.

The French government this week stated its wants to increase “operational integration” between Renault and Nissan but confirmed it was not seeking a full merger.

Economy minister Emmanuel Macron sought to reassure investors in the two companies after it emerged in September that the French state raised its stake in Renault from 15% to 19.7% and doubled its voting rights in the process.

Nissan Motor, along with the Renault-Nissan alliance chairman Carlos Ghosn, have openly questioned the French government’s intentions following the stake increase.

Renault has a 43.4% stake in Nissan Motor while Nissan has a 15% stake in Renault via a subsidiary but with no voting rights.

Macron confirmed the French government was interested in maintaining the Renault-Nissan status as originally agreed in the 2002 deal, as well as stepping up operational integration of the two groups. He added that the state would reduce its stake in Renault to 15% once again as soon as it can do so without incurring capital losses.

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