France’s Macron Touts a “Stronger” Renault-Nissan Alliance

French President Emmanuel Macron says the Renault-Nissan alliance should be strengthened through “synergies and alliances in all their forms.”

In a speech to the French community in Tokyo earlier today, he also underscored the French state’s mission of protecting its largest companies and their workforces.

But Macron made no mention about one of the main issues that has shakened the 20-year-old partnership: France’s 15% ownership of Renault. Nissan Motor Co. would like the state to sell off its holding, which carries double voting rights, and stop meddling in the alliance’s business decisions.

Most recently, Fiat Chrysler Automobiles NV withdrew an offer to merge with Renault after France demanded new terms in the deal and then persuaded Renault’s board to delay a decision to begin merger discussions. A frustrated FCA Chairman John Elkann cited unfavorable “political conditions” in France to justify retracting the bid.

Nissan also has balked at earlier suggestions that it merge with Renault. The Japanese company wants to better balance the equity structure of their partnership: Renault owns a 43% voting stake in Nissan, while Nissan holds a 15% nonvoting stake in Renault.