PARIS (Reuters) -- The French government has no plans to sell its 15 percent stake in Renault, Economy Minister Emmanuel Macron said today.
The government is undertaking a privatization drive and plans to sell 5 billion euros to 10 billion euros of its 100 billion euros in assets over the next 18 months.
Macron said selling state stakes in Renault or telecoms company Orange is not a priority for the government.
"For the companies that you have cited [Renault and Orange] that is not a priority for the time being, and our desire is not to reduce stakes in those two companies," Macron told France Inter radio.
In May, France took a 14 percent stake in Renault's domestic rival PSA/Peugeot-Citroen as part of a 3 billion euro capital increase at PSA to fund expansion outside European markets. China's Dongfeng Motor also took a 14 percent stake in PSA in a recapitalization that reduced the Peugeot family's stake to 14 percent.
Automotive News Europe contributed to this report