Renault cuts stake in Nissan to 15%, enters New Alliance Agreement

Following the announcements made on February 6, 2023, and July 26, 2023, and after having obtained all required regulatory approvals, the New Alliance Agreement between Renault Group (RNLSY) and Nissan (NSANY) comes into force and replaces the former agreements governing the Alliance. As a result, Renault Group and Nissan now have a cross-shareholding of 15% with lock-up and standstill obligations. Each of the partners is able to exercise the 15% voting rights attached to its own shareholding. The voting rights of Renault Group and Nissan are capped at 15% of the exercisable voting rights, and both companies are able to freely exercise their voting rights within such limit. 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. Renault Group continues to fully benefit from the economic rights from the entrusted Nissan shares until such shares are sold. No impairment will be recorded in Renault Group’s financial statements as a result of the transfer by Renault Group of Nissan shares into the trust. Makoto Uchida, President and CEO, Nissan Motor, 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. “