P. M. BRIEFING : Renault Offers to Buy Out Mack

France’s Regie Nationale des Usines Renault offered today to buy the share of heavy vehicle maker Mack Trucks Inc. that it does not already own.

Renault, which until recently was backed by the French government, controls 44.5% of Mack’s shares and has warrants and convertible bonds that bring its total stake to 66.1%.

Mack, based in Allentown, Pa., said it had taken no position on the bid.

The industrial vehicles unit of Renault said it would pay $6 a share for the Mack shares, which closed Thursday at $5.25. There was no trading in Mack shares this morning.

Renault said it is making the bid because of Mack’s poor financial situation. Mack said today it expects a first-half loss of $90 million.