French Government Open To Reducing Its Stake In Renault

10 June, 2019, 22:23 | Author: Regina Silva
  • France ready to cut Renault stake to shore up Nissan ties: minister

Strains within the alliance between Renault and Nissan increased today as the Japanese vehicle maker criticised its French partner for failing to back its governance reforms.

At issue in the letter seen by Reuters was Nissan's shift to a new corporate governance structure which includes statutory committees comprised mainly of independent outside directors, which Renault warned may dilute the influence of the French automaker, Nissan's biggest shareholder.

The exact nature of Renault's demand was unclear, but the company, which owns 43% of Nissan, may have wanted more representation on the committees being set up to strengthen corporate governance. "The second step will be consolidation - only if all parties are on board", he said.

"Nissan finds Renault's stance on this matter most regrettable, as such a stance runs counter to the company's efforts to improve its corporate governance", CEO Hiroto Saikawa said in a statement. Under the proposal, Renault directors would be free to serve on the nominations committee, but would be barred from the compensation and audit committees.

The relationship was further tested when a proposed merger of Renault and Fiat Chrysler was scrapped last week.

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 Saturday.

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Last week, Renault's board launched legal proceedings against Ghosn.

Ghosn's French lawyers say Renault compiled the audit without getting Ghosn's input or response to the allegations.

On Sunday, Ghosn's French lawyers said Ghosn hasn't received the audit but has offered to provide explanations for its findings.

RNBV has been a focal point of possible malfeasance following Ghosn's November 19 arrest in Japan and subsequent indictments on alleged financial misconduct during his time running Nissan.

"We can reduce the state's stake in Renault's capital".

But they also say Nissan has been hoping to get more say in the alliance because until recently it was more profitable than Renault.

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