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Renault Curve Tightening on Stellantis News; Hurdles Remain

CONSUMER CYCLICALS

Renault (RNO FP) curve tightening on Stellantis (STLAM IM) tie-up news.


  • Italian press reporting French government looking at selling some of its 15% holding in Renault to Stellantis (which owns Peugeot-Citroen, amongst others) to help drive industry consolidation. Nissan also owns 15% of RNO.
  • RNO was meant to be listing its EV division separately last week but cancelled at the last minute due to “sluggish market conditions”.
  • Press is now reporting STLAM Chairman pouring cold water on this speculation; doubtless French labour relations and European anti-trust issues would be significant in any case.

RNO’s cash curve (rated: Ba1[S]/BB+[S]/NR) is tightening this morning against EuroIG widening marginally.

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