"After months of constructive discussions" the Renault group has reached an agreement that 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 into a trust to which it will assign the share, whose voting rights will be "neutralized" 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 that will develop along three dimensions: markets, vehicles and technologies".
Secondly "by 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 brought together all its activities in electric mobility, with the aim of becoming one " a strategic partner".
Thirdly the
the agreement provides for "governance and balanced cross-shareholding 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.
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