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Renault And Nissan Reach Equal Cross Shareholding Under New Deal; Nissan To Become Strategic Holder In Renault's Ampere

Benzinga Real-time News · Jan 30, 2023 08:54

NSANY -0.56% NSANF +0.00% RNLSY +1.86%

After several months of constructive discussions with Japanese automaker Renault SA (OTC:RNLSY) (OTC: RNSDF) and French automobile maker Nissan Motor Co, Ltd (OTC: NSANF) (OTC: NSANY) reached a milestone to strengthen the ties of the alliance.
Nissan and Renault Group would retain a 15% cross-shareholding.
They could freely exercise the voting rights attached to their 15% direct shareholding, with a 15% cap.
Nissan executives have had issues over the unequal ownership structure, with Renault owning 43% of Nissan and the Japanese automaker holding only a 15% non-voting stake in Renault.
Renault Group would transfer 28.4% of Nissan shares into a French trust, neutralizing the voting rights for most decisions but the economic rights (dividends and shares' sale proceeds).
They looked to reload the partnership with high-value-creation operational projects consisting of critical projects in Latin America, India, and Europe, deployed along markets, vehicles, and technologies.
Nissan would aim to become a shareholder of Ampere, the EV & Software pure player founded by Renault Group, by investing an undisclosed sum.
Price Action: NSANF shares closed lower by 0.29% at $3.48 on Friday.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more

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