Renault and Nissan review their alliance. The French are limiting the altitude, the Japanese aiming for electric
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TURIN – New pact on the France-Japan axis to review the alliance between Renault Group And nissan. The two groups have found a new structure with respect to their marriage. A rebalancing of their now decade-long coexistence in which Renault will reduce its controlling stake in Nissan to 15% from 43%, while the Japanese brand will take a stake in the new electric vehicle spinoff, amps, from Renault becoming a strategic partner. “After months of constructive discussions” the Renault group has reached an agreement that establishes “new foundations” reads the note.
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The two automakers will maintain a 15% cross-shareholding as the automaker leads by the managing director Luca De Meo he will transfer the additional 28.4% he holds in the Japanese car manufacturer to a trust to which he will assign the stake, whose voting rights will in the meantime be “neutralised”. However, the transfer will take place without deadlines and at the moment in which it will be most advantageous on a market level. In practice “if commercially reasonable for Renault in a coordinated and orderly process but without the obligation to sell within a pre-specified period of time”, it reads. The scope of the agreement, which remains subject to the approval of the Nissan boards and Renault, “is to strengthen alliance ties and maximize value creation for all with a three-step approach”.
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The first is explained as follows, i.e. “recharging the partnership with operational projects with high value creation” through “key projects in Latin America, India and Europe that will develop along three dimensions: markets, vehicles and technologies”. The second phase, the most important in a key transition to electric and reorganization of the Renault group, “strengthening strategic agility with new initiatives that partners can join” with Nissan to ‘invest in Ampere’, a company in which the French group has brought together all its activities in electric mobility, with the aim of becoming “a strategic partner”. Thirdly, the agreement provides for “governance and balanced cross-ownership to promote operational efficiencies”. In this context, the reduction of Renault’s stake in Nissan is envisaged. The resulting cross-shareholdings of 15% will be subject to “lock-up” and “standstill” obligations and will represent a ceiling on the exercise of voting rights.
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