Renault and Nissan restarted the alliance – Kommersant
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Renault Group and Nissan Motor Corp. completed the procedure for forming an alliance of a new format, says the joint message companies.
Both sides and agreed at the beginning of this year, as part of the alliance reform procedure, the companies came to equalize their shares in each other’s equity capital – 15% each. Over the past months, Renault has reduced its stake in the Japanese company from 43% to 15%. This was done through the transfer of 28.4% of Nissan shares controlled by Renault to a French trust fund. The divested shares do not provide their owners with voting rights on most matters relating to the management of Nissan, but will continue to provide financial benefits to their owners. The agreement provides for the right of Renault to sell these shares either to Nissan itself or, in agreement with the Japanese company, to a third party.
The parties announced that they had received all necessary regulatory approvals to complete the procedure for forming a new alliance. As of today, the agreement signed between the companies in February has officially come into force.
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