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Renault and Nissan will detail the redesign of their alliance on February 6

Renault and Nissan will announce on Monday “the agreements that define the new bases of their association.” Each manufacturer will now have 15% of the capital of the other.

Renault and Nissan will detail on February 6 the new organization of their alliance, sealed in 1999 but destabilized after the fall of former boss Carlos Ghosn, the two groups announced Thursday. Renault, Nissan and their third partner Mitsubishi “plan to hold a joint conference in London on Monday, February 6, 2023 at 8:30 a.m. local time, according to a joint statement.

The manufacturers will present, “subject to the prior approval of their respective boards of directors”, “the agreements that define the new bases of their association”, whose main lines were unveiled this Monday, the companies specify. After months of complex negotiations, Renault and Nissan have decided that the French group will reduce its stake in the Japanese manufacturer’s capital to 15% compared to the current 43.4%, to put the two partners on an equal footing.

This is an important reorganization of this alliance, which has known good moments, but also serious crises of confidence. The tensions, linked to the original imbalance of their cross-shareholdings, had reached their climax after the spectacular fall of their great common boss Carlos Ghosn, arrested at the end of 2018 in Japan on accusations of embezzlement, and who fled to Lebanon a few years ago. months. year later. .

Nissan will invest in Ampere

The alliance was the world’s top automaker in 2018 by sales volume, but came close to the podium in 2022 behind Toyota, Volkswagen and Hyundai-Kia. Renault and Nissan will now each hold 15% of the other’s capital, “with a retention obligation, as well as an obligation to limit their holdings,” according to the manufacturers. Nissan already owned 15% of Renault but was disenfranchised from this stake, a restriction that will now be lifted.

Nissan will also invest in Ampere, the future electric hub of its French partner. The amount of this commitment has not yet been specified. The French group will not immediately sell the rest of its Nissan shares (28.4%) because its market value is much lower than the value currently registered in its accounts.

To avoid massive redemptions, Renault will transfer this tranche to a financial structure that will allow the voting rights attached to these shares to be “neutralized” for most decisions. New operational projects between Renault and Nissan are also planned in Latin America, India and Europe, according to the two companies.

Author: LP with AFP
Source: BFM TV

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