A new chapter of the Alliance between Renault, Nissan and Mitsubishi. After the turbulent years following the arrest of Carlos Ghosn, the link between the Japanese brands and the Losanga is being shaped again for a balance that can smooth out the differences and allow the three brands to continue walking together in different fields. In addition to the collaboration from the point of view of the range and future models to come, with the use of platforms and technologies shares and synergies in the sales and after-sales network, the biggest news concerns the redistribution of the cross-shareholdings that Renault and Nissan held.
Second the new structure of the Alliance, Nissan and Groupe Renault will have a 15% cross-shareholding with a lock-up commitment and a capping obligation. La Losanga will commit to transfer 28.4% of the Japanese brand’s shares to a French trust fund, in which voting rights would be “neutralized” for most decisions, with the exception of some cases such as election or revocation Nissan directors appointed by Groupe Renault, where the trust fund is expected to vote in accordance with Groupe Renault directives; the election or dismissal of directors who are nominated by the Nissan Nomination Committee, other than Groupe Renault candidates, where the trust fund would have to vote in favor of the decisions and proposals of the Nissan Nomination Committee or finally in the case of proposals by shareholders not supported by the Nissan Board of Directors, from which the trust fund should abstain.
At the same time the French Group will continue to benefit fully from the economic rights (dividends and proceeds from the sale of shares) associated with the shares held by the trust fund until the sale of the shares. This transaction would not result in losses recognized in Groupe Renault’s balance sheet. Following the transfer of shares to the fund, Nissan will be able to exercise the voting rights attached to its stake in Groupe Renault. However, the French car manufacturer has also guaranteed its entry into the new Losanga united business dedicated to the development of electric cars and software, with a 15% stake in Ampere. Meanwhile, Mitsubishi is also evaluating its entry into the company.
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