New step for the two car manufacturers. Renault and Nissan, partners for 24 years in an alliance joined by Mitsubishi, officially launched on Wednesday November 8, their new alliance announced in February, supposed to be less fusional and more egalitarian.
“After obtaining the required regulatory authorizations, the New Alliance Agreement between Renault Group and Nissan comes into force today. It replaces previous agreements governing the governance of the Alliance,” the groups said in a joint statement from the Alliance, which also includes Mitsubishi.
A cross participation of 15%
“This new chapter of the Alliance will build on the robust foundations of a long-standing partnership. It will maximize the creation of value for each of its members by laying the foundations for a new balanced, fair and efficient governance,” said Jean-Dominique Senard, president of the Alliance.
While Renault previously held 43.4% of Nissan, the two companies “now hold a cross stake of 15%”, underlines the press release. The voting rights of Renault Group and Nissan are “capped at 15% of exercisable voting rights, with the possibility for everyone to freely exercise their voting rights within this limit”.
This is the end of a long French domination, which began in 1999 with the entry of Renault into the capital of Nissan.
The relationship was complicated by the surprise rise of the French state’s stake in Renault in 2015, then by the spectacular fall of Carlos Ghosn, then boss of the alliance, and arrested at the end of 2018 in Japan on charges of financial embezzlement. .
Renault transferred 28.4% of Nissan shares
Concretely, Renault transferred 28.4% of Nissan shares “in a French trust, where voting rights are exercised in a neutral manner, subject to certain exceptions”, explained the Alliance, without this leading to a ” depreciation in the Renault Group financial statements.
As announced in February, the French manufacturer “will continue to benefit fully from the economic rights (dividends and proceeds from the sale of shares) attached to the shares held by the trust” until their sale, specifies the press release.
This potential sale can occur at any time – without obligation however – “as part of a process organized and coordinated with Nissan and in which Nissan benefits from a right of first offer, for its benefit or for the benefit of a designated third party “, it is specified
As part of this alliance of 375,000 employees, Renault, Nissan and Mitsubishi are already collaborating on numerous vehicles, with savings to be expected. Renault and Nissan cars share the same engines, and Renaults are sold under the Mitsubishi badge.
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