Renault and Nissan have agreed to equalise their holdings in each other, repairing the carmakers’ 24-year-old alliance and enabling greater co-operation on electric vehicles.
Under the deal, France’s Renault will cut its 43 per cent stake in Japan’s Nissan to 15 per cent by transferring a 28.4 per cent stake to a French trust, where the voting rights will be “neutralised” for most decisions, the groups said on Monday.
Renault will sell the shares in the trust when it makes sense financially, although it is under “no obligation” to divest in a certain timeframe, they added. Meanwhile, Nissan will hold on to its 15 per cent stake in Renault as part of the agreement and gain the voting rights it had long requested.
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