Lo French state will buy 4,7% of Renault, increasing its stake in the share capital to 19,7%. The objective of Paris is to induce the car manufacturer to adopt the double voting right provided for by the Florange law, a system that guarantees the possibility of multiplying the value of their vote by two to shareholders who keep a registered share in their portfolio for at least two years .
However, the novelty is controversial: the general assembly of Renault will be held on April 30 and several hostile investors will ask to vote against the adoption of this mechanism.
The Ministry of the Economy has already acquired 9,56 million shares and will acquire another 4,44 million for an amount ranging "between 814 million and 1.232 million", as stated in a press release.
The double voting right, which forms part of the instruments of the so-called Florange law for the revitalization of French industry, has already been adopted by several large transalpine companies, but is the subject of opposing or abrogating resolutions in several of the general meetings scheduled for the month of April.
The operation - explains a press release from the Ministry of Industry - is perfectly compliant with the new doctrine on the management of state holdings which provides for active portfolio management with the aim of protecting the role of the state in the governance of companies and defending its long-term interests.
After the vote, the government intends to sell the new bonds: "France - said the minister Emmanuel Macron - supports a progressive capitalism that is at the service of workers and corporate development".
