First off, Renault doesn't own any of AM General anymore, and second, the rule about foreign government ownership of defense contractors is no longer as blunt as it was. (The problem back in 1982 wasn't that Renault had bought AM, but that the French Government had a voting stake in Renault)
AM General is currently US-owned, but even if its ownership passed to FCA, a UK/Netherlands corporation, there wouldn't be a problem with U.S. military contracts, because the rules are more sensible these days.
As an example, the US Army's new UH-72 Lakota helicopter that will eventually replace the iconic UH-1 "Huey" in most roles, is supplied by a French company, Airbus Helicopters (formerly Eurocopter), but the helicopters themselves are delivered, from scratch, by American Eurocopter, Inc, a wholly-owned subsidiary of Airbus, incorporated in the USA and operating out of Columbus, MS. Allowing friendly-nation bidders gave the Army a better choice of options, and requiring US manufacture of the winning bidder gives the US Army the only thing they needed from the old "American only" rule, which was control over the source of their materiel.
