Renault-Nissan declined to comment on the ongoing talks. Unless a deal is reached before Renault's board meets on Friday, Nissan has threatened to exit a 2002 alliance agreement currently barring it from raising its non-voting 15 percent stake in its French parent. Lifting the holding to 25 percent would cancel Renault's voting rights in Nissan under Japanese law, effectively ending French control of the alliance. "It's a serious threat," said a source with knowledge of the government's position. "This is a risk the finance ministry does not want to take, so Ghosn's in a position of strength." Macron deployed 1.2 billion euros ($1.3 billion) of public money to raise France's stake in Renault to 19.7 percent and block Ghosn's proposal to opt-out of a new law giving long-term shareholders double voting rights.