Renault announced on Friday the start of its share buyback program, an operation that could total up to 43 million euros at current share price levels.

The automotive group says it has entrusted an investment services provider (ISP) with a mandate to acquire a maximum of 900,000 shares.

These buybacks will take place 'depending on market conditions', over a period starting today and likely to extend until June 21.

The shares bought back are intended to cover the automaker's obligations under its 'Renaulution Shareplan 2024' employee shareholding plan.

Renault shares lost 2% on Friday morning, making it one of the biggest decliners on the CAC 40 index at the start of the day.

It is still up more than 34% since the start of the year, buoyed in particular by the prospect of a more generous remuneration package for shareholders.

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