Renault: the State imposes the double voting rights in the Assembly … – Le Parisien

April 30, 2015, 5:58 p.m. | Updated: April 30, 2015, 6:31 p.m.

CEO Renault, dismissing the device of double voting, did not comment on the statement of the vote, merely take note.

The Annual General Meeting of business, attended by hundreds of shareholders, took a special significance this year in view of this showdown between the government of Manuel Valls and Carlos Ghosn. At the root of this dispute: the “Florange law” in March 2014, intended to fight against speculation and promote a stable shareholder, wanted by the government. The text provides that all shareholders, including the state, is automatically assigned a double voting right at the end of a period of two years of continuous holding of securities.

Only the assembly General could prevent the implementation of these provisions, via a vote on a resolution by a majority of two thirds. However, such a resolution was introduced by Renault in order for Thursday, the 12th. It stipulated that Renault would apply in future

general meetings the “one share, one vote”. To push the government released a secret weapon: raise its share capital from 15 to 19.74% via a share buyback for a set amount in between 814 and 1,232,000 euros. The State thus approached this very AG 23.2% of exercisable voting rights. He was assured of a blocking minority of one third of the votes cast.

This maneuver was little appreciated by Carlos Ghosn, who convened an emergency Renault’s Board of Directors on April 16 . It was separated on a statement of support for the 12th resolution. Nissan, Renault’s partner, had also supported this position after a meeting of his staff

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