Renault Group and Nissan announce the completion of their agreements framing the foundations of the new chapter of the Alliance
08 November 2023 - 8:25AM
Renault Group and Nissan announce the completion of their
agreements framing the foundations of the new chapter of the
Alliance
Renault Group and Nissan
announce the completion of their agreements framing the foundations
of the new chapter of the Alliance
November 8, 2023, Boulogne-Billancourt
(France) – Following the announcements made on February 6,
2023, and July 26, 2023, and after having obtained all required
regulatory approvals, the New Alliance Agreement between Renault
Group and Nissan comes today into force and replaces the former
agreements governing the Alliance (namely, the Restated Alliance
Master Agreement, the Alliance Equity Participation Agreement and
the Memorandum of Understanding of March 12, 2019).
As a result, Renault Group and Nissan now have a
cross-shareholding of 15% with lock-up and standstill
obligations.
Each of the partners is able to exercise the 15%
voting rights attached to its own shareholding. The voting rights
of Renault Group and Nissan are capped at 15% of the exercisable
voting rights, and both companies are able to freely exercise their
voting rights within such limit.
Renault has transferred 28.4% (out of 43.4%) of
Nissan shares into a French trust, where the entrusted shares will
be voted neutrally, subject to limited exceptions. Renault Group
continues to fully benefit from the economic rights (dividends and
proceeds of share sales) from the entrusted Nissan shares until
such shares are sold. From now, Renault Group may instruct the
trustee to sell the entrusted Nissan shares, but it has no
obligation to do so within a specific pre-determined period of
time. Renault Group has all flexibility to sell the Nissan shares
held in the trust, within a coordinated and orderly process with
Nissan, in which Nissan or a designated third party benefits from a
right of first offer.
No impairment will be recorded in Renault
Group’s financial statements as a result of the transfer by Renault
Group of Nissan shares into the trust.
This next chapter of the Alliance will build on
the foundations of the long-standing partnership and will maximize
value creation for each Alliance member and lays the foundations
for a new balanced, fair, and effective governance. The Alliance
will continue to identify key projects across markets that aim to
deliver win-win, large-scale and actionable benefits.
Jean-Dominique Senard, Chairman of the
Alliance, said: “We are delighted to announce today the
effectiveness of the New Alliance agreement signed on at the end of
July 2023. This is a very important step for Renault Group, Nissan
and Mitsubishi Motors, and lays the foundations for a new fair,
long-standing and effective partnership that will create value for
each Alliance member and for all our stakeholders.”
Makoto Uchida, President and CEO, Nissan
Motor Co. Ltd., said: “Based on this equal footing, Nissan
will continue to harness our core competencies and be more agile to
explore further growth opportunities that support our business
strategy, especially through initiatives aligned to Nissan's
Ambition 2030 and electrification strategy, while continuing to
generate greater value for the wider Alliance. We are convinced of
the future prospects that will flow from our rebalanced partnership
with Renault Group. "
Luca de Meo, CEO of Renault
Group, said: “We are now effectively entering this new era
of the Alliance with a pragmatic and business-oriented approach.
Our joint projects in Europe, Latin America and India will
strengthen our partnership and generate hundreds of millions of
euros in value for each partner while being mutually beneficial in
the field of innovation. We are also very proud to welcome Nissan
and Mitsubishi Motors as strong partners in Ampere, our EV and
software business, confirming the attractiveness of our assets.
Finally, Renault Group will benefit from additional flexibility in
its capital allocation policy with the potential monetization of
Nissan shares.”
MEDIA
RELATIONS Renault GroupRie
YamaneTel.: +33.6.03.16.35.20rie.yamane@renault.com |
Nissan Motor Co., Ltd.Lavanya WadgaonkarTel.: +81
(0)45-523-5552 nissan_japan_communications@mail.nissan.co.jp |
INVESTOR
RELATIONS Renault GroupPhilippine
de Schonen+33 6 13 45 68 39philippine.de-schonen@renault.com |
|
About Renault Group Renault
Group is at the forefront of a mobility that is reinventing itself.
Strengthened by its alliance with Nissan and Mitsubishi Motors, and
its unique expertise in electrification, Renault Group comprises 4
complementary brands - Renault, Dacia, Alpine and Mobilize -
offering sustainable and innovative mobility solutions to its
customers. Established in more than 130 countries, the Group has
sold 2.1 million vehicles in 2022. It employs nearly 106,000 people
who embody its Purpose every day, so that mobility brings people
closer.
Ready to pursue challenges both on the road and
in competition, Renault Group is committed to an ambitious
transformation that will generate value. This is centred on the
development of new technologies and services, and a new range of
even more competitive, balanced, and electrified vehicles. In line
with environmental challenges, the Group’s ambition is to achieve
carbon neutrality in Europe by 2040.
More information : renaultgroup.com
- EN - Press Release - Final agreements__2023 1108 FINAL
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