France keen on Renault-Nissan alliance boost
Print Edition
France is ready to consider paring back its 15 percent stake in Renault in the interests of consolidating the automaker’s alliance with Japanese partner Nissan, Finance Minister Bruno Le Maire said on Saturday.
In an interview on the sidelines of the G20 finance ministers’ meeting in Japan, Le Maire also said Renault and Nissan should work on beefing up ties before exploring further merger possibilities.
Le Maire’s comments came only days after Italian-US carmaker Fiat Chrysler pulled the plug on a proposed merger with Renault, saying negotiations had become “unreasonable” due to political resistance in Paris.
“We can reduce the state’s stake in Renault’s capital. This is not a problem as long as, at the end of the process, we have a more solid auto sector and a more solid alliance between the two great car manufacturers Nissan and Renault,” the minister said.
On May 27, FCA stunned the auto world with a proposed “merger of equals” with Renault that would — together with Renault’s Japanese partners Nissan and Mitsubishi Motors — create a global car giant. The combined group would have been by far the world’s biggest, with total sales of some 15 million vehicles, compared with both Volkswagen and Toyota, which sell around 10.6 million apiece.
But the deal collapsed suddenly on Thursday, with FCA laying the blame at Paris’ door. “It has become clear that the political conditions in France do not currently exist for such a combination to proceed successfully,” it said.
Le Maire said it was “legitimate” for France, as the “shareholder of reference” in Renault to have a say. “You cannot criticize the state for fulfilling its obligations,” he added.
Nissan and Renault have been partners for more than 20 years after former boss Carlos Ghosn stepped in to save the Japanese firm from bankruptcy by tying it to the stronger French manufacturer.
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