Renault cuts Nissan stake to 15% from about 43%; now on equal footing

France’s Renault has cut its stake in Nissan to 15 per cent from about 43 per cent by placing 28.4 per cent of the Japanese automaker in a French trust, the alliance partners said in a statement, putting them on equal footing of cross-ownership.

The new agreement for the restructured alliance between Renault, Nissan and junior partner Mitsubishi Motors came into effect on Wednesday.
 

“This next chapter of the alliance will build on the foundations of the longstanding partnership and will maximise value creation for each alliance member,” the statement said.
 

Renault has no obligation to sell the Nissan shares that were transferred to the trust within a specific time period, according to the statement.
 

The French carmaker can sell the entrusted shares flexibly in coordination with Nissan, and the Japanese automaker or a third party may get a right of first offer.