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PHOTO FILE: The French Minister of the Economy and Finance, Bruno Le Maire, delivers a speech at a high level forum on debt at the Ministry of Finance in Paris, May 7, 2019. REUTERS / Benoit Tessier / Photo File
(Reuters) – French Finance Minister Bruno Le Maire said France was ready to reduce its stake in Renault SA in order to consolidate Renault's partnership with Nissan Motor Co, Agence France Presse reported on Saturday. (AFP).
The Mayor said Paris, which holds 15% stake in Renault, could consider reducing its stake if it led to a "stronger" alliance between Japanese and French companies, reported the French news agency quoting an interview with the minister.
"We can reduce the state's stake in Renault's capital. That's not a problem as long as, at the end of the process, we have a stronger automotive sector and a stronger alliance between the two major car manufacturers Nissan and Renault, "he said at the # 39; AFP.
The Mayor had previously said that the French government was open to rapprochements involving Renault as long as French industrial interests were protected, and would consider any agreement between Renault and Fiat Chrysler that would respect the alliance of the French firm with his Japanese partner Nissan.
Fiat on Thursday abandoned its $ 35 billion merger offer for Renault, accusing French policy of canceling what could have been a historic milestone to create the world's third-largest car maker behind Japanese automakers Toyota Motor Corp and German Volkswagen.
The French government welcomed the merger plan but played too hard to argue a series of guarantees and concessions that eventually exhausted FCA's patience, sources told Reuters.
Renault and Nissan were not immediately available to respond to a request for comment.
Reportage of Mekhla Raina in Bengaluru; edited by Richard Pullin and Elaine Hardcastle
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