Government to Complete Privatization of Renault Next Year
PARIS (AP) _ The French government will complete privatization of state-controlled automaker Renault SA by the end of June 1995, Industry Minister Jose Rossi said Monday.
The government reduced its stake in the company to 51 percent form 79 percent earlier this month. Renault shares have been trading on the Paris Bourse since Nov. 17.
France had resisted an outright privatization of Renault, fearing a backlash from labor unions that have expressed their hostility at the idea.
But the government apparently has since been reassured by the healthy demand for Renault shares that were set aside for the car group’s employees.
Renault shares were trading at $34 Monday on the Bourse, up 3 cents from Friday and up $3 from Nov. 17.