Nissan Motor Co Ltd (7201) and Renault SA (RENA) on Monday disclosed details of their reshaped alliance. The Japanese auto maker said it would acquire a stake of up to 15% in Renault’s electric vehicles unit Ampere.
“Nissan’s intention is to invest up to 15% in Ampere, Renault Group’s EV & Software entity in Europe, with the aim to become a strategic investor,” the companies said in a statement.
Under the new agreement, which the two auto makers announced on January 30th, Nissan and Renault will hold 15% stakes in each other.
Previously, the French company held about 43% of Nissan. Now, Renault will have to put about 28% of its Nissan stake in a French trust, which would make the two partners in the alliance more equal.
The French company will have full flexibility to sell the Nissan shares held in the trust, but “it has no obligation to sell the shares within a specific pre-determined period of time,” according to the statement.
When Renault does sell, “Nissan would benefit from a right of first offer, to its or the benefit of a designated third party.”
The shares of Nissan Motor Co closed 2.12% (JPY 9.8) higher at JPY 472.4 in Tokyo on Monday.
The shares of Renault SA closed 0.04% (EUR 0.02) lower at EUR 39.01 in Paris on Friday. They were last down 0.15% to trade at EUR 38.95 during Monday’s session.
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