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- The boards of Renault (OTCPK:RNLSY) and Nissan (OTCPK:NSANY) on Monday gave their approval to equalize the stake each automaker holds in the other.
- Nissan also committed to invest up to 15% in Ampere, Renault’s electric vehicle and software entity in Europe.
- Mitsubishi Motors (OTCPK:MMTOY), an alliance partner will also consider investing in Ampere.
- The pair had already announced a week earlier that Renault would reduce its stake in Nissan to 15% from around 43% by transferring a 28% stake into a French trust.
- “We have been waiting a long time for this moment,” Renault board Chairman Jean Dominique Senard said at a news conference Monday in London.
- Meanwhile, Renault and Nissan agreed on an orderly sale of that stake, with no deadline on it.
- Nissan Chief Executive Makoto Uchida echoed Senard’s views, vowing to take the alliance to “the next level of transformation” to adapt to a new era. “This is not a choice but a need,” he said.