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France increases stake in Renault to bolster influence

Xinhua, April 8, 2015 Adjust font size:

The French government announced on Wednesday it would increase its stake in French auto maker Renault to boost state control of France's second largest car manufacturer, government officials said.

In a joint press release, Finance Minister Michel Sapin and Economy Minister Emmanuel Macron unveiled the state's decision to raise its participation from 15 percent to up to 19.73 percent of its stake in Renault with the aim of reinforcing the government's influence in the company's governance to protect its long-term interests.

In this vein, the French government has been buying 14 million shares whose value range between 814 million euros (about 884 million U.S. dollars) and 1.232 billion euros.

"This deal shows the state's intention to use all the arms at the disposal of investors today to promote a progressive, long-term kind of capitalism that supports workers and helps companies grow," Macron said in the statement. Endit