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Wednesday June 20, 5:18 PMRenault CEO: No hint of French move to sell stakeYOKOHAMA, Japan, June 20 (Reuters) - Renault SA Chief Executive Carlos Ghosn said on Wednesday he was unaware of any intention by the French government to sell its stake in the carmaker, rumours of which have been cited in connection with the shares' recent climb."Renault shares have been booming lately," he told reporters after partner Nissan Motor Co.'s annual shareholders meeting in Japan. He attributed the historic highs reached this month to investor confidence in Renault's financial performance. "Obviously, the more the shares go up, the more people start to speculate that maybe the French state is moving to sell (its stake in Renault)," he said. "Frankly, I don't know (if that is the case) -- you have to ask them. For the moment, we have no particular hint that there is any intention to do it, and that's fine with us." Renault shares jumped more than 7 percent in a single session earlier this month amid rumours the firm could sell its 20 percent stake in truck maker Volvo AB to buy back the French government's 15 percent stake in Renault and cancel them. Ghosn, who also heads Nissan, Japan's third-biggest automaker, said he thought shares of that company were undervalued against its earnings potential. He said the company would take steps to address this issue. In early trade in Paris, Renault shares were trading slightly higher at above 119 euros. |
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