According to media reports, French automaker Renault and Japanese automaker Nissan announced in a joint statement that Renault has reduced its stake in Nissan from approximately 43% to 15% by transferring 28.4% of Nissan shares to a French trust company, putting both parties in an equal cross-shareholding position.
Renault, Nissan, and their smaller partner Mitsubishi Motors stated in the declaration that the new agreement restructuring the alliance became effective on November 8.
The three companies announced in the statement, "The next chapter of the alliance will be built on the foundation of a long-term partnership and will maximize value creation for each alliance member."
The statement indicated that Renault does not have an obligation to sell or transfer Nissan shares to the trust company within a specific timeframe. It also revealed that Renault can coordinate with Nissan for the flexible sale of entrusted shares, and Nissan or a third party may have the right of first offer.
Earlier this year, Nissan and Renault announced a comprehensive restructuring of their partnership in London. Prior to this, the two sides engaged in intense negotiations for several months, finally reaching cooperation terms in July, driven by Nissan's desire to protect its intellectual property in future collaborations.
In January of the same year, both companies had already disclosed plans for Renault to transfer around 28% of its Nissan shares to a French trust company to achieve a more balanced position between the two.
As part of the deal, Nissan committed to investing up to €600 million (approximately $641 million) in Renault's electric vehicle unit, Ampere, becoming a strategic investor and gaining a seat on the board. Additionally, Mitsubishi Motors pledged to invest up to €200 million in Ampere. Renault's plan is to take Ampere public through an initial public offering (IPO) next spring.
