French keep hold of Renault

RENAULT-Nissan Alliance CEO Carlos Ghosnís plan to bring the partners closer together without an offical merger has been dealt a blow.

At the carmakerís AGM, the French government blocked a shareholder resolution, stopping it from gaining double voting rights in place of the existing one-share, one-vote sytem. French economy minister Emmanuel Macron upped the stateís stake in Renault from 15 to 19.7 percent in April to give taxpayers more control and defeat the resolution. It succeeded; the 60.5 percent vote was not enough for it to pass.