Saturday 8 June 2019 3:04 pm

France consider selling Renault stake to aid Nissan alliance

France is ready to cut its stake in Renault in order to help the car company consolidate its partnership with Nissan.

The state currently owns a 15 per cent share in Renault, but French finance minister Bruno Le Maire is ready to reduce that if it leads to a “more solid” alliance between the firms, according to Agence France Press (AFP)

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“We can reduce the state’s stake in Renault’s capital,” he told AFP.

“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.”

Le Maire had previously said the French government would consider a deal with Fiat Chrysler as long it respected the firm’s partnership with Nissan.

But on Thursday, Fiat abandoned its $35bn merger offer, scuppering any chance of creating the world’s third-biggest car producer behind Toyota Motor Corp and Volkswagen.

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The Italian firm blamed the government, saying it had tried to push for a series of guarantees and concessions, Reuters claim.

Neither Renault or Nissan immediately responded to request for comment.