Renault And Nissan Reach Equal Cross Shareholding Under New Deal; Nissan To Become Strategic Holder In Renault's Ampere

After several months of constructive discussions with French automaker Renault SA RNLSY RNSDF and Japanese automobile maker Nissan Motor Co, Ltd NSANF NSANY reached a milestone to strengthen the ties of the alliance.
Nissan and Renault Group would retain a 15% cross-shareholding.
They could freely exercise the voting rights attached to their 15% direct shareholding, with a 15% cap.
Nissan executives have had issues over the unequal ownership structure, with Renault owning 43% of Nissan and the Japanese automaker holding only a 15% non-voting stake in Renault.
Renault Group would transfer 28.4% of Nissan shares into a French trust, neutralizing the voting rights for most decisions but the economic rights (dividends and shares’ sale proceeds).
They looked to reload the partnership with high-value-creation operational projects consisting of critical projects in Latin America, India, and Europe, deployed along markets, vehicles, and technologies.
Nissan would aim to become a shareholder of Ampere, the EV & Software pure player founded by Renault Group, by investing an undisclosed sum.
Price Action: NSANF shares closed lower by 0.29% at $3.48 on Friday.