by Gilles Guillaume and Laurence Frost
PARIS (Reuters) – The strengthening of the French state power over Renault, Thursday officially recorded at the general meeting of the manufacturer, constitutes a setback for CEO Carlos Ghosn and lays bare the simmering disagreements on the future evolution of the alliance with Nissan.
The state managed to block a resolution establishing the “one share- one vote “and therefore to ensure the double voting rights provided for by law Florange. The resolution received 60.53% of votes, while it needed a two-thirds majority to pass.
Even if it intends to reduce its stake to 15% after AG, the French State will be able to weigh more in the future in the destiny of unprecedented alliance in the automotive sector, to which Carlos Ghosn last year gave a boost.
“I do not think Carlos Ghosn will go to the mat without giving some blows,” said an official of the alliance who knows the CEO of Renault-Nissan.
The standoff between the man who embodies the alliance since 2009 one hand, and its largest shareholder, remained subdued Thursday at the Carrousel du Louvre. One of the representatives of the State said his wish was to be a “bridge between the company and its state shareholder” so that both understand each other better, while Carlos Ghosn said that beyond the debates, the important thing was to “converge on the bottom.”
The basic question, precisely, is the speed at which Carlos Ghosn intends bringing Renault and Nissan, and the future form he wants to give the The alliance between the two groups.
“This latest development is seen by the CEO of Renault-Nissan as a warning to cooperate more in order to preserve jobs in France,” said a source close to the alliance.
In his video message screened at the AGM of shareholders, Régis Turrini, director of the State, also insisted on “the very important role of Renault in the French economy, Step outside of its simple perception as a company car. “
CONCERN TECHNOCENTRE, LESS IN PLANTS
The desire to strengthen the French state intervenes on a background of concerns among employees of Renault, many voices expressing fears that the current acceleration of the integration between the two groups to tip the balance in favor of the Japanese side.
This concern is currently more large in engineering than in the group’s factories, where increased cooperation with Nissan has instead accompanied by the reception in France of additional productions, such as future Nissan Micra in Flins (Yvelines).
The production models for the benefit of the partners has also boosted Renault’s sales in the first quarter.
“Renault’s engineers feel they are ‘nissanisés’ (…) that Nissan is taking the hand, “said a source from Renault. “We are going to merge.”
Thanks to the sharing of a growing number of tasks, Carlos Ghosn is now an annual amount of synergies to five billion euros in 2016, a very strong acceleration compared to 2.87 billion in 2013 or 1.5 billion in 2009.
This merger is also embodied in the appointment last April of a new committee with four main functions merged. Engineering / R & amp; D, manufacturing / logistics, purchasing and human resources, which the first three have returned to Nissan executives, and the fourth to Renault
THE BALL GHOSN
When Renault bought a 1999 Nissan virtually bankrupt , the Japanese group now weighs nearly two times heavier than its French partner in terms of volumes, thanks to its presence in growth markets such as the United States and China, which Renault is missing.
In Japan, the balance of power makes it all the less acceptable the 2002 scheme in which Nissan holds 15% Renault but no voting because the French group controls its Japanese partner via a 43.4% stake.
“This is an arbitrary figure and to me, Carlos Ghosn will do something to restore balance within the alliance, “said Kristina Church, an analyst at Barclays.
This issue is recurring but never found a solution. “Nissan would have enjoyed having voting rights, although limited from the start,” said a source close to the matter. “The subject was often enough, every time we touched the alliance structure. But after all, Renault owns Nissan.”
Carlos Ghosn’s predecessor, Louis Schweitzer, Monday came out of his silence to call the state to “ensure the anchoring of Renault in France, the fact that Renault keeps its main center in France, the Renault-Nissan alliance is still in the original equilibrium in which c ‘Renault is the driver. “
” Many builders have an anchor, “said on France Inter man who was CEO of Renault from 1992 to 2005, a period marked in particular by the genesis of Renault-Nissan alliance.
At Nissan, the subject of an anchorage is equally sensible. “As soon as the Florange law was passed, we realized that this would pose a particular problem at Renault,” said Thursday at the AG Philippe Lagayette, lead director.
“The situation before the law Florange is 15% of the capital for one, zero voting rights, and the other 17.5% of the voting rights. This situation lasted for over ten years, and given the good relationship of trust which exists within the covenant, this was accepted. “
The situation has changed Thursday, which could revive calls for activation of Nissan voting rights, including Assuming a reduction in the participation of Renault, for example in connection with a capital increase of the Japanese group.
The ball is now in the court of Carlos Ghosn. “I’m sure he’s trying to find ways to try to get voting rights for Nissan, he has always wanted,” said a source close to the case.
She recalls that in late 2008, Renault was close to reduce its stake in Nissan by selling securities in a financial crisis, until the French Treasury in émeuve just days before the operation.
“Knowing a little Carlos Ghosn, he should not be happy but he is pragmatic. He understood that the double voting rights will exist (…) but he can do with reality.”
(With Norihiko Shirouzu in Tokyo; Editing by Marc Angrand)
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