Renault, Nissan announce details of reshaped alliance

Following approval by the Boards of Directors of Renault Group (RNSDF) and Nissan Motor (NSANY), Renault-Nissan-Mitsubishi Alliance announced new initiatives to take their partnership to the next level. three-dimension program to maximize value creation for all Alliance stakeholders will include: High-value creation operational projects in Latin America, India and Europe; Enhanced strategic agility with new initiatives that partners can join; A rebalanced Renault Group-Nissan cross-shareholding and reinforced Alliance governance. Renault Group and Nissan have entered into a binding framework agreement regarding the above mentioned transactions, with a view of reaching definitive agreements by the end of the first quarter of 2023. The transactions contemplated in these definitive agreements would be subject to a limited number of conditions precedent, including regulatory approvals, and completion is expected to occur in the fourth quarter of 2023. 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. Through this intended investment in Ampere Nissan would enhance and accelerate new business opportunities for Nissan in Europe. Mitsubishi Motors would consider investing in Ampere. Nissan and Mitsubishi Motors would become customers of Renault Group’s Horse project, an initiative to achieve further scale and market coverage for its low-emission internal combustion engine & hybrid powertrain technologies. Nissan and Renault Group would retain a 15% cross-shareholding, with a lock-up obligation, as well as a standstill obligation. Renault Group would transfer 28.4% of Nissan shares into a French trust. Reference Link