The ongoing showdown. While the state campaigning for the adoption of double voting rights at Renault, the French carmaker headed by Carlos Ghosn reiterated during a board of extraordinary administration, Thursday, April 16, its desire to maintain the “one share = one vote “at the next general meeting of the group, scheduled for 30 April.
State of play of the opposition and its possible consequences.
- What do Carlos Ghosn and Renault management?
“The Board reaffirms its support for the resolution number twelve to be presented to the General Meeting ” , the manufacturer said Thursday. It provides that Renault inscribed in its statutes that “every action (…) gives the right to one vote, regardless of its registration method into account and, in case of registered form, regardless of the duration of the registration in the name of the same holder “.
The group believes that the granting of double voting rights to holders of Renault shares since more than two years – under the Florange law adopted in 2014 – challenges “balance” of the alliance between Renault and Nissan
Since 1999, the. French manufacturer holds 43.4% of the Japanese manufacturer while the latter has only 15% of his partner. Above all, Nissan has no voting rights at Renault, they can be assimilated to the self.
“Giving more power to the state, is to switch the alliance just over the French side while Nissan weighs today more than Renault , provides expert dossier. It is incomprehensible to the Japanese and this can only irritate. “
Read decryption: What is the double voting rights that the state wants to defend Renault
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- Thursday’s meeting she will change anything?
In fact, mood events Ghosn and his Council should change anything. By wearing the 1 st April participating in Renault’s capital from 15% to 19.74%, an estimated investment between 814 million and 1.2 billion euros, the state s is given the means to counter the adoption of this famous resolution number two.
With about 23% of the voting rights (some actions are already coupled with double voting rights), the State should have the blocking minority set-third of the votes cast, the Renault shareholder turnout at the general meeting of the group rarely exceeding 70%.
The state used to s’ oppose the Renault board. Its representatives and always vote against the remuneration of Mr. Ghosn, considered too high. It should be 7.2 million at Renault for 2014 (subject to performance conditions), against 2.7 million paid in 2013, which must be added the salary received by Mr Ghosn at Nissan (7.6 million euros in 2013).
On Thursday night, the two directors representing the State Board of Directors of Renault (there nineteen account), Turrini, the Director General of the Agency interests of the State (EPA) and Pascal Faure, head of the Directorate General for Enterprise (DGE) at Bercy, abstained from voting on the statement of support to the anti-double voting rights resolution.
They could indeed not participate in the vote due to conflict of interest. “All other directors present voted for” , assures do we at Renault.
- The State he will go to the conflict with Ghosn?
However, the question for the executive to open a front against the all-powerful boss of Renault and Nissan. “Ghosn full confidence of the government , said Thursday on Public Senat channel the Minister of Emmanuel Macron economy. His strategy, we support, we are on his side. “
Earlier, Michel Sapin, the finance minister, had said on France Inter that ” The state has absolutely no power or the will to take power “ Renault.
Mr. Macron also assured that Renault shares recently purchased by the State would be “sold soon after the general meeting” of the manufacturer, while Bercy far left guessing about his intentions.
The state has also underwritten by Deutsche Bank “fixed-price put options” of its stake recently acquired 4.7%, for a period of six months.
- The “balance” in the capital Renault is it threatened?
In the press issued after the special board, Renault said that “the sustainability and success of the alliance are from its origin in 1999, based on a balance of interests” .
“The balance of the alliance are and will be fully maintained by the State” , immediately called Mr. Macron, to AFP, after the Board of Directors of Renault.
The question is whether everyone has the same definition of “alliance of equilibrium” .
the government camp, an estimated 15% return of capital sufficient to ensure, even if these actions will have double voting rights.
At Renault, several sources indicate that it would preferable that the state falls below 10% of the capital in order to return to the previous level … in terms of voting rights.
“There are no plans to go below the level previous detention “, ensures near Bercy.
” The operation of the State was surprising and awkward , it is argued in the around the French manufacturer. must not deconstruct what works. “
Understand Carlos Ghosn as Emmanuel Macron have probably not said their last word
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