(CercleFinance.com) – As expected, Renault, Nissan and Mitsubishi unveiled a whole series of new initiatives on Monday aimed at opening a new chapter in their alliance.
The project will notably go through the establishment of ‘rebalanced’ cross-shareholdings between Renault Group and Nissan, thus putting an end to the previous agreements which governed their 24-year-old partnership.
Under the terms of the agreement, Nissan and Renault would thus hold a cross-shareholding of 15%, with a retention obligation, as well as an obligation to cap their holdings.
Renault would also transfer 28.4% of Nissan shares to a French trust, where voting rights will be ‘neutralized’ for most decisions.
Following the transfer of 28.4% of Nissan shares to the trust, Nissan would be able to exercise the voting rights attached to its stake in Renault Group.
This binding framework agreement should make it possible to define the principles of a new scheme, knowing that the two companies plan to conclude a new agreement by March 31.
This new agreement will enter into force for an initial period of 15 years.
Another area of collaboration, Nissan has planned to invest up to 15% in Ampere, Renault’s entity dedicated to electric vehicles and software in Europe, with the aim of becoming a strategic investor.
Mitsubishi Motors is also reportedly considering investing in Ampere.
In addition, Nissan and Mitsubishi will become customers of Horse, the Renault subsidiary dedicated to low-emission internal combustion and hybrid (ICE) engine technologies.
Operationally, the three automakers announced key new projects in Latin America, India and Europe, where the scope of collaboration will go beyond the simple vehicle to cover areas ranging from distribution to the end of vehicle life, through recycling.