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PARIS, April 22 (Reuters) - The French government has completed its controversial operation to increase its stake in carmaker Renault to 19.74 percent from 15.01, a move aimed at securing double voting rights in future, it said in a statement on Wednesday.
State investment holding APE's purchase of Renault stock on the market is aimed at giving the government enough voting power to block an annual general meeting (AGM) resolution aimed at upholding a one-share, one-vote capital structure.
It announced its plan on April 8. The AGM is scheduled for April 30 after which the government plans to reduce its stake again.
The move has caused a row with Renault boss Carlos Ghosn, and with the company's other main shareholder, Japanese group Nissan, which holds a non-voting 15 percent stake.
Neither wants to see increased state influence.
Ghosn on April 16 demanded that the state back away from its plans to force through the extra voting weight, which it looks likely to achieve thanks to a new law which automatically grants double voting rights to long term-shareholders unless investors vote with a two-thirds majority to keep a one-for-one set-up.
Its near 20 percent holding is seen as likely to be enough to leave Renault's management short of the two-thirds vote it needs, based on the usual level of turnout at Renault AGMs, and on the fact that Nissan's 15 percent carries no voting rights.
Ghosn has also said that Nissan's management would be discussing what to do about the issue this week.
In its statement on Wednesday, the APE repeated the government's position that it would be careful not to upset the shareholder "balance" within the group.
"This operation marks both the government's determination to defend its interests as a shareholder by installing double voting rights in Renault governance and the strategic nature of its holding in this great industrial company," the APE said. (Reporting by Andrew Callus; Editing by James Regan)