The French government said Thursday that it is selling part of its stake in Renault SA, after buying shares two years ago to block the automaker's efforts to change its shareholding rules.
The ministry of economy and finance said that it is selling 14 million shares, or 4.73% of Renault's total capital, in a placement with financial institutions. After the sale, the government will still be the largest shareholder in Renault, with 15% of its shares.
In 2015, President Emmanuel Macron, who was economy minister at the time, boosted the government's stake in Renault to stop the company from passing a measure that would ensure each share in the company is worth one vote.
Renault was seeking to override France's so-called Florange Law, a measure that was passed in March 2014 and allows those who own shares of a public company for longer than two years to have double-voting rights.
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(END) Dow Jones Newswires
November 02, 2017 14:13 ET (18:13 GMT)