April 9, 2015 / 6:45 AM / in 3 years

State does not plan to keep extra Renault shares: Macron

A Renault Kadjar, a new crossover SUV, is seen during a presentation in Saint-Denis near Paris February 2, 2015. REUTERS/Charles Platiau

PARIS (Reuters) - The French state has no intention of holding on to extra shares it is purchasing in car-maker Renault (RENA.PA) as part of an effort to maintain double voting rights acquired under a new law, Economy Minister Emmanuel Macron said on Thursday.

“We do not envisage holding that many in the long term,” Macron told RTL radio.

The Finance Ministry announced on Wednesday it was raising its holding in Renault to 19.7 percent from 15 percent in a move designed to secure double voting rights for longer-term investors -- itself included -- after a vote at Renault’s April 30 shareholder meeting.

Legislation introduced under Socialist President Francois Hollande doubles the voting rights of shareholders that own shares for more than two years in French companies.

Companies can opt out of the so-called Florange law by proposing resolutions at their annual meetings this spring but need the support of two-thirds of shareholders.

Reporting by Mark John; Editing by Leila Abboud

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