Tags: Japan | Nissan | Renault

Automakers Renault, Nissan Make Cross-shareholdings Equal

Automakers Renault, Nissan Make Cross-shareholdings Equal

Monday, 30 January 2023 02:00 AM EST

TOKYO (AP) — Nissan and Renault have changed their mutual cross-shareholdings equal at 15%, ironing out a source of conflict in the Japan-French auto alliance.

Renault Group will transfer 28.4% of the Nissan shares it owns into a French trust, so its stake will be the same 15% that Nissan Motor Co. has in the French automaker.

Voting rights would be “neutralized” for most decisions, the two companies said in a statement Monday.

The move had been anticipated because of leaks to various media outlets.

The Nissan-Renault alliance began in 1999, at a time when the Japanese automaker was in tough financial straits. The disparity was a cause of friction, especially after Nissan became far more profitable than Renault.

© Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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- Nissan and Renault have changed their mutual cross-shareholdings equal at 15%, ironing out a source of conflict in the Japan-French auto alliance.Renault Group will transfer 28.4% of the Nissan shares it owns into a French trust, so its stake will be the same 15% that...
Japan,Nissan,Renault
118
2023-00-30
Monday, 30 January 2023 02:00 AM
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