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Ghosn: France should stop this soap opera and sell its stake in Renault

Staff Writer |
Renault and Nissan are ready to forge closer capital ties but will only do so if France sells its Renault stake, CEO Carlos Ghosn said.

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Ghosn, CEO of both carmakers, said the resulting stand-off over government voting rights had persuaded the Japanese carmaker that no further consolidation was possible while France continued to hold Renault shares.

"Following the soap opera of double voting rights and the discussion with the French state, Nissan has said very clearly... that it will not accept any move on capital structure as long as the French state remains a shareholder," Ghosn told reporters and analysts.

The 18-year-old alliance is bound by cross shareholdings but Renault and Nissan remain separate companies with distinct boards and executive teams.

"The day the French state decides to get out, everything is open, and I can tell you it won't take too much time," Ghosn said. "But as long as they are in, and they want to continue to be a shareholder of Renault, the alliance will continue to move as it is."

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