Reviewed the Alliance, Renault will drop to 15% of Nissan

(ANSA) - MILAN, JAN 30 - "After months of constructive discussions" the Renault group has reached an agreement which establishes "new foundations" for the alliance with Nissan.

The agreement, according to a note, provides that the two automotive groups will maintain a cross shareholding of 15% while Renault will transfer the additional 28.4% it holds in the Japanese carmaker to a trust which it will assign to sell the share, whose voting rights will be "neutralised" in the meantime.

The sale will take place "if commercially reasonable for Renault in a coordinated and orderly process but without the obligation to sell within a pre-specified period of time".

    The ambition of the agreement, which remains subject to the approval of the boards of Nissan and Renault, "is to strengthen the ties of the Alliance and maximize the creation of value for all with a three-step approach", explains the note.

    In the first place "by recharging the partnership with operational projects with high value creation" through "key projects in Latin America, India and Europe which will develop along three dimensions: markets, vehicles and technologies".

    Secondly, "strengthening strategic agility with new initiatives that partners can join" with Nissan which "will invest in Ampere", a company in which the French group has combined all its electric mobility activities, with the aim of becoming "a strategic partner" ".

    Thirdly, the agreement provides for "governance and balanced cross-ownership to promote operational efficiencies".

In this context, the reduction of Renault's stake in Nissan is envisaged.

The resulting cross-shareholdings of 15% will be subject to "lock-up" and "standstill" obligations and will represent a ceiling on the exercise of voting rights.

(HANDLE).