Is France backing a rebalancing of Renault-Nissan?

Paris — French government We support the restructuring of the Renault-Nissan Alliance and do not oppose the realignment of shares held by the two automakers in each other. reaction reported on Tuesday.

reactionciting an unnamed source, reported that French President Emmanuel Macron assured Japanese Prime Minister Fumio Kishida at a meeting between the two leaders in Paris on Monday.

Elysee did not immediately respond to a request for comment. Renault declined to comment.

Their negotiations focused on ways to rebuild the longstanding partnership between the two automakers. Renault hope to persuade Nissan Nissan is seeking to put the two companies on a more equal footing by selling some of Renault’s stake in Nissan.

The French government is Renault’s largest shareholder with a 15% stake. Renault, on the other hand, is Nissan’s largest shareholder with a 43% stake. That’s far more than Nissan’s stake in the French automaker.

“No more big blockages” reaction I quoted a source close to the matter. “It is a matter of reassurance to various parties that both governments are on board.”

French Finance Minister Bruno Le Maire has sent a detailed letter to Japan’s finance minister, confirming Paris’ support for the restructuring of the alliance, according to two sources cited by the paper.

Renault CEO Luca de Meo plans to split the automaker into five autonomous businesses. His main strategic plan is to separate the internal combustion engine business from his EV business. Nissan is concerned about Renault’s plans to sell a stake in its gasoline engine business to China’s Geely.