Renault has also agreed to cut its 43% share of Nissan to just 15%
Renault and Nissan have finalized a deal to alter the structure of their alliance after more than 10 months of negotiations.
As part of the new agreement, Renault and Nissan will both hold a 15% stake in each other. This means that Renault will cut its current 43% share of Nissan while Nissan will retain the 15% share it has long held in Renault. The change will be achieved by Renault transferring 28.4% of its Nissan shares into a French trust where the entrusted shares will be voted neutrally. Renault will then instruct the trustee to sell its Nissan shares at an advantageous time.
Additionally, Nissan’s 15% holding in Renault will be converted from a non-voting stake to one with voting rights.
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The revised alliance has also seen Nissan agree to become a strategic investor in Ampere, Renault’s new electric vehicle and software group. The Japanese car manufacturer will invest up to €600 million ($663 million) in Ampere and in doing so, secure a board seat. A press release published by the two companies says this investment aligns with Nissan’s current electrification strategy and will create multiple benefits and synergies between the firms.
“These agreements provide us with a solid base to reactivate business operations worldwide in key markets, with the potential to generate hundreds of millions in value for Renault, Nissan, Mitsubishi and stakeholders,” Renault Group chief executive Luca de Meo said. “They give us the strategic agility that we need more than ever in today’s rapidly evolving environment. We are all engaged with the right mindset and welcome Nissan as a strong partner in our upcoming EV and Software pure player Ampere. It confirms the attractiveness of the project to be front runner in Europe, allowing Renault and its Alliance partners to position themselves ahead of the starting grid for the EV and software race in Europe.”
Renault and Nissan are also considering new projects in Latin America, India and Europe and have also agreed to explore existing strategies in electrification and low-emission technologies.