March 8, 2018 / 8:19 AM / 7 months ago

Renault shares fall back as Nissan say no plans to change ownership ties

PARIS (Reuters) - Renault shares fell in early session trading on Thursday, as Nissan said the Renault-Nissan-Mitsubishi alliance had no plans to change the cross-shareholding ratios of its member companies, echoing views from the French government.

Renault model cars are seen during the 88th International Motor Show at Palexpo in Geneva, Switzerland, March 6, 2018. REUTERS/Denis Balibouse

Renault shares were down 1.4 percent in early session trading, giving up some of the gains it made in the previous day, when the stock had ended 5.6 percent higher.

Renault shares rallied on March 7, after Reuters reported that Renault and its alliance partner Nissan were discussing plans for a closer tie-up in which the Japanese carmaker would acquire the bulk of the French state’s 15 percent Renault holding.

The French finance ministry said late on Wednesday that France was not prepared to accept Renault-Nissan boss Carlos Ghosn’s reported proposal to let Nissan buy the French state’s stake in carmaker Renault.

Nissan also said on Thursday there were no plans to change the cross-shareholding ratios in the Renault-Nissan-Mitsubishi alliance.

Reporting by Sudip Kar-Gupta; editing by Luke Baker

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