TOKYO – Nissan and Renault have changed their mutual cross-shareholdings to 15%, smoothing over a source of conflict in the Japan-France auto alliance.
Renault Group will transfer its 28.4% stake in Nissan to a French trust, bringing its share to the same 15% as Nissan Motor Co. in the French car manufacturer.
Voting rights will be “neutralized” for most decisions, the two companies said in a statement on Monday.
This move was expected due to leaks in various media.
The Nissan-Renault alliance began in 1999, at a time when the Japanese automaker was in dire financial straits. The difference was a source of friction, especially after Nissan became much more profitable than Renault.
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