FLINS, France -- The French government, on a privatization drive to raise funds and cut state debt of some 1.06 billion euros ($1.289 billion), has no plans to reduce its stake in carmaker Renault SA.
"I have told them of our pride in the industrial adventure of Renault, our pride in this great jewel. We have today no plan nor any reason to change our stake in the capital of Renault," Prime Minister Dominique de Villepin said on Friday.
He was speaking at a Renault factory here where the company and local authorities signed a job creation partnership.
The French government has a 15.65 percent stake in Renault, the former state-controlled Regie Nationale des Usines Renault that was a bastion of Communist party and trade union activism.
Renault was partially privatized in November 1994.
It has had a stake of 44 percent in Nissan Motor Co. since 1999, while the Japanese carmaker has a 15 percent stake in its French partner.
With a market capitalization of 22.4 billion euros, the French state's stake is worth 3.5 billion euros.