France equipped to reduce Renault stake to shore up Nissan partnership

Finance Minister Bruno Le Maire said Saturday that France is ready to recall its 15-percent stake in Renault to consolidate the automaker’s alliance with Japanese associate Nissan.

In an interview with AFP at the G20 finance ministers’ assembly in Japan, Le Maire also stated that Renault and Nissan should work on beefing up ties earlier rather than exploring further merger possibilities.

Le Maire’s comments came just days after Italian-U.S. Carmaker Fiat Chrysler (FCA) pulled the plug on a proposed merger with Renault, saying negotiations had become “unreasonable” due to Paris’s political resistance.

“We can reduce the country’s stake in Renault’s capital. This is not a problem as long as, on the quiet of the method, we have a stronger car quarter and an extra stable alliance between the two supercar manufacturers Nissan and Renault,” the minister instructed AFP.

On May 27, FCA shocked the auto global with a proposed “merger of equals” with Renault that might — collectively with Renault’s Japanese partners Nissan and Mitsubishi Motors — create a massive car spanning the globe.

The combined institution could be used for the sector’s biggest, with total sales of some 15 million cars, compared to Volkswagen and Toyota, which promote around 10.6 million apiece.

But the deal collapsed abruptly on Thursday, with FCA laying the blame at Paris’ door.

“It has to turn out to be clear that the political conditions in France do not currently exist for such an aggregate to continue efficiently,” FCA stated.

Le Maire said it became “valid” for France because the “shareholder of reference” in Renault to have a say. “You can’t criticize the kingdom for fulfilling its duties,” he added.

Nissan and Renault were partners for more than twenty years after former boss Carlos Ghosn stepped in to keep the Japanese company from the verge of bankruptcy by tying it to the more powerful French manufacturer.

Renault is the dominant accomplice in terms of the capital structure—owning 43 percent of Nissan—but the Japanese firm has outsold its French best friend in recent years, sparking complaints that the balance of power has become no longer truthful.

The tensions have burst into the open with the arrest of Ghosn on economic misconduct charges in Japan — which he and his own family see as a plot using a few within Nissan to prevent nearer integration of the two companies.

While Le Maire said that it became “now not the time” for a full merger, he urged Renault to pursue nearer ties with Nissan before seeking different alliances — such as with FCA.

Things need to be done “in the right order… First, the alliance (between Nissan and Renault) ought to be consolidated after which consolidation (extra commonly) and now not one before the alternative.”

“Otherwise, the entirety dangers collapsing like a residence of cards,” he warned.

The minister stated that it might be up to Renault and Nissan’s bosses to determine how to push the alliance ahead, as ties between the two companies had been strained after Ghosn’s surprise arrest.

“We will display to ensure, as the shareholder of reference, that things are accomplished in the appropriate order, inside a reasonable time body,” Le Maire informed AFP.

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