Renault Buys 10% of Own Shares Sold by French Government

By Sarah Sloat Features Dow Jones Newswires

Car maker Renault SA (RNO.FR) said Friday that it bought a portion of its own shares that the French government decided to sell, and will offer them in turn to employees.

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Renault will buy 10% of the 14 million Renault shares, or 4.73%, that the government late Thursday said it would sell. The French government remains Renault's biggest shareholder, with 15%.

"This sale is particularly timely in support of the 'Drive the Future' strategic mid-term plan that Groupe Renault just launched," the car maker said.

Write to Sarah Sloat at sarah.sloat@wsj.com

(END) Dow Jones Newswires

November 03, 2017 03:38 ET (07:38 GMT)