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France cuts Renault stake back to historic 15 percent level
November 2, 2017 / 5:31 PM / 20 days ago

France cuts Renault stake back to historic 15 percent level

PARIS, Nov 2 (Reuters) - France is selling a 4.73 percent stake in carmaker Renault, a government investment agency said on Thursday, paring the holding back to the 15-percent level that had preceded a 2015 power struggle over voting rights.

The APE state holding agency said it had agreed to sell 14 million Renault shares in an institutional placement with accelerated book-building, and would remain Renault’s biggest shareholder with a 15.01 percent stake.

Renault itself is buying buy back 10 percent of the divested shares for stock awards to current and former employees, it added. (Reporting by Laurence Frost; Editing by Sudip Kar-Gupta)

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