The Alliance will continue to identify key projects across markets that aim to deliver win-win, large-scale and actionable benefits.
08 Nov 2023 | 11208 Views | By Autocar Professional Bureau
Renault Group and Nissan announce the completion of their agreements framing the foundations of the new chapter of the Alliance.
Renault has transferred 28.4% (out of 43.4%) of Nissan shares into a French trust, where the entrusted shares will be voted neutrally, subject to limited exceptions.
As a ...
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Renault Group and Nissan announce the completion of their agreements framing the foundations of the new chapter of the Alliance.
Renault has transferred 28.4% (out of 43.4%) of Nissan shares into a French trust, where the entrusted shares will be voted neutrally, subject to limited exceptions.
As a result, Renault Group and Nissan now have a cross-shareholding of 15% with lock-up and standstill obligations.
This next chapter of the Alliance will build on the foundations of the long-standing partnership and will maximise value creation for each Alliance member and lays the foundations for a new balanced, fair, and effective governance, the statement noted.
The Alliance will continue to identify key projects across markets that aim to deliver win-win, large-scale, and actionable benefits, the press release added.
Jean-Dominique Senard, Chairman of the Alliance said, "We are delighted to announce today the effectiveness of the New Alliance agreement signed on at the end of July 2023. This is a very important step for Renault Group, Nissan and Mitsubishi Motors, and lays the foundations for a new fair, long-standing and effective partnership that will create value for each Alliance member and for all our stakeholders.”
Makoto Uchida, President and CEO, Nissan Motor Co. said: “Based on this equal footing, Nissan will continue to harness our core competencies and be more agile to explore further growth opportunities that support our business strategy, especially through initiatives aligned to Nissan's Ambition 2030 and electrification strategy, while continuing to generate greater value for the wider Alliance. We are convinced of the future prospects that will flow from our rebalanced partnership with Renault Group."
Luca de Meo, CEO of Renault Group, said: “We are now effectively entering this new era of the Alliance with a pragmatic and business-oriented approach. 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. 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. Finally, Renault Group will benefit from additional flexibility in its capital allocation policy with the potential monetisation of Nissan shares.”