The state already holds 15% of Renault's capital and the move would see the acquisition of up to 14 million Renault shares (approximately 4.73% of the capital) for a price of between €814m and €1.2bn.

In a statement, the ministry said the move would make use of the Florange Law of 29 March 2014 “to reclaim the real economy”, which provides that unless otherwise decided by general meetings, shareholders who hold their shares for at least two years are rewarded by the granting of double voting rights.

According to the Wall Street Journal, Renault directors proposed to shareholders last month to maintain a one-share, one-vote system, with a vote due at the AGM on 30 April.

In a statement, the ministry said the legislation is “an effective way to encourage investors to keep their shares, and therefore better contribute to the development of the company, strengthening the influence of long-term shareholders, including employee shareholders”.

It added that it has already concluded a binding agreement with an investment service provider to acquire the shares in an agreement structured to protect the property interests of the state taking into account the characteristics of Renault shares on the market:

The investment firm sold the state a volume of 9.56 million shares yesterday (8 April) with the balance of 4.44 million Renault shares able to be acquired by the investment service provider on behalf of the State by conventional methods depending on market conditions and in any event at a capped price.

The volume of 14 million Renault shares will be protected by fixed-price put options written by the EPA and call options at fixed prices subscribed by the investment services provider, for a period of six months followed by a phased settlement period. The terms of the outcome of these options, shares or cash, will be determined by the state.

Economy minister Emmanuel Macron said: "This operation demonstrates the willingness and ability of the State to use all the weapons now available to investors, but to promote a capitalism of progress, long-term, serving the employees and the development of companies. This shows that the state is both a savvy investor and defender of the general interest.”