January 29, 2023 - 10:57 PM
TOKYO (AP) — Nissan and Renault have changed their mutual cross-shareholdings equal at 15%, ironing out a source of conflict in the Japan-French auto alliance.
Renault Group will transfer 28.4% of the Nissan shares it owns into a French trust, so its stake will be the same 15% that Nissan Motor Co. has in the French automaker.
Voting rights would be “neutralized” for most decisions, the two companies said in a statement Monday.
The move had been anticipated because of leaks to various media outlets.
The Nissan-Renault alliance began in 1999, at a time when the Japanese automaker was in tough financial straits. The disparity was a cause of friction, especially after Nissan became far more profitable than Renault.
News from © The Associated Press, 2023