PARIS — Groupe Renault will continue to benefit financially from its current 43.4% stake in Nissan, much of it under a pending agreement to restructure the partnership between the two companies. held as a trust.
The draft, released on Monday, would see the automakers hold 15% stakes in each other, while Renault would put 28.4% of Nissan in trust and could sell its stake if market conditions were favorable.
The plan is subject to approval by the Nissan and Renault directors, and details are expected to be announced on 6 February.
Since the partnership began in 1999, Renault has received annual dividends from Nissan shares, and Nissan’s losses have also impacted the Group’s earnings.
For example, in 2018 Renault received €1.5 billion ($1.6 billion) from Nissan, representing 46% of its net profit. In the third quarter of 2022, Nissan donated her €27 million to Renault.
Under the agreement, Renault will continue to receive dividends from trust-held shares until they are sold, according to Renault and analysts.
Renault’s voting rights, related to Nissan’s 28% stake in the trust, will be “neutralized” on most decisions, with no exceptions, the companies said.
Nissan and Renault also said they would cooperate on five operational projects, but did not give specifics. The full announcement is he’s due on February 6th.
While automakers have collaborated in the past on purchasing, platform development, and some cross-manufacturing, they have gone their separate ways, especially in key areas such as electric vehicles and hybrid drivetrains.
At Capital Markets Day in November, Renault CEO Luca de Meo outlined ambitious plans to reorganize the group, including Ampere, an electric-vehicle spin-off Nissan has committed to investing in. bottom. Hose, a joint venture with Geely, which manufactures internal combustion engines. circular economy unit. A core power group that includes the Renault and Dacia brands and back office functions.