News Desk
\nParis
\nFrance is open to cutting its 15% stake in Renault SA to mend its partnership with Nissan Motor Co. after the French automaker\u2019s talks with Fiat Chrysler NV abruptly collapsed earlier this month — but it isn\u2019t looking to do it anytime soon.
\nA day after saying that France was prepared to consider reducing its holding in Renault, French Finance Minister Bruno Le Maire added that this was a long-term plan, and that his priority is reinforcing the Renault-Nissan alliance and protecting jobs and sites in France.
\n\u201cOn the agenda, there is: strengthening the alliance and protecting jobs, industrial and research sites,\u201d Le Maire said Sunday during the Group of 20 finance ministers and central bank governors meeting in Fukuoka, Japan. \u201cThe second step will be consolidation — only if all parties are on board.\u201d
\nThe comments follow the collapse of discussions between Fiat and Renault to form a global car manufacturing powerhouse. The talks ended abruptly earlier this month when Fiat withdrew its offer after France asked for more time to seal the deal as it tried to get the backing of Nissan.
\nFrance\u2019s holding in Renault has long been the source of complaint by the Japanese automaker. Nissan has been seeking more sway in its two-decade partnership with Renault since Carlos Ghosn, who led both companies, was arrested in Japan over alleged financial crimes. Ghosn has denied the charges.
\nNissan would prefer a full exit because the state\u2019s activism has generated tension within the alliance and it\u2019s not clear that a reduction of the French stake would change that, according to a person familiar with the matter.
\nOn Sunday, French newspaper Journal du Dimanche reported that Fiat managers informed French authorities on their interest in Renault during the Christmas holidays. The finance ministry then worked with Fiat for two months, before getting into more substantial discussions with Renault, JDD reported, citing anonymous sources. A spokesman for the French finance ministry declined to comment on the report.
\nLe Maire also sought to take a step back by insisting that it was up to the management at Renault and Nissan to determine how to reinforce their relationship, and that it wasn\u2019t his role to meet with Nissan\u2019s CEO during his trip to Japan.
\n\u201cAll options are on the table,\u201d he said, adding that \u201cthe second step will be industrial consolidation\u201d amid pressure to build more electric and autonomous cars. \u201cTo reach success, we have to do this together — Renault and Nissan, France and Japan.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
News Desk Paris France is open to cutting its 15% stake in Renault SA to mend its partnership with Nissan Motor Co. after the French automaker\u2019s talks with Fiat Chrysler NV abruptly collapsed earlier this month — but it isn\u2019t looking to do it anytime soon. A day after saying that France was prepared to […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-68308","post","type-post","status-publish","format-standard","category-business"],"yoast_head":"\n