Renault SA RNLSY has reduced its stake in Nissan Motor Co., Ltd. NSANY from 43.4% to 15%, transferring the remaining 28.4% shares into a French trust.
As a result, Renault Group and Nissan now have a cross-shareholding of 15% with lock-up and standstill obligations.
Renault Group continues to fully benefit from the economic rights (dividends and proceeds of share sales) from the entrusted Nissan shares until such shares are sold, according to a statement.
Read Also: Mitsubishi Plans To Invest Up To €200M In Renault's EV Unit Ampere
Japan's Mitsubishi MotorsMMTOF is also a member of the Alliance with Renault and Nissan Motor.
"Our joint projects in Europe, Latin America and India will strengthen our partnership and generate hundreds of millions of euros in value for each partner while being mutually beneficial in the field of innovation," said Luca de Meo, CEO of Renault Group.
This next chapter of the alliance will build on the foundations of the long-standing partnership and will maximize value creation for each alliance member, the statement read.
The alliance will continue to identify key projects across markets that aim to deliver win-win, large-scale and actionable benefits.
"We are also very proud to welcome Nissan and Mitsubishi Motors as strong partners in Ampere, our EV and software business, confirming the attractiveness of our assets," Meo added.
Also See: Renault's Electrifying Leap - Ampere IPO Could Hit $10.8B Valuation: Report
Price Action: NSANY shares closed higher by 1.74% to $8.17 on Tuesday.
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