The diamond brand renouncing the capital control of its partner, the Franco-Japanese alliance restarts from zero to the field.
by Sophie Fay (in London)
This is an agreement that must put an end to the frustrations of two partners, whose relations do not manage to warm up since the spectacular arrest of Carlos Ghosn in November 2018. Monday, February 6, in a large hotel in London, The RENAULT and NISSAN car manufacturers presented the contours of their new shareholder and operational alliance, with “a series of initiatives to pass their partnership in the upper stage”, said a joint statement. It was approved by the Board of Directors of Renault Sunday evening and by that of Nissan on Monday.
The new balance – which required a year of negotiations – looks like what the Japanese have been claiming for years: Renault renounces his participation of 43.4 % in Nissan and agrees to align with the participation of 15 % Nissan in Renault. The two manufacturers will thus have balanced cross-participations in the future, by 15 % each, with a commitment not to go up or go for fifteen years.
French cannot give up its 28.4 % of Nissan without displaying a very heavy loss, he will place them in a trust of French law, a legal structure which will manage these actions in accordance with the agreement found with Nissan: in Reversing dividends to Renault and renouncing to exercise its voting rights. When Nissan’s course goes back, Renault can sell its titles on the market, leaving Nissan the opportunity to take them back, or to designate a third of his choice to do so.
“We did not have No power “
“We had 44 % of Nissan, but we had no power, which generated a lot of frustration on our side, even if we avoid talking about it”, recognizes today Jean-Dominique Senard, the president De Renault, who finally gets rid of the shareholder agreement said Rama 2, who since 2015 prohibits the French group from voting against the decisions taken by the management of Nissan. For its part, the Japanese group was wary of these French people and their desire to merge the two manufacturers and considered it unfair not to be able to use the right to vote linked to its 15 % of Renault, the French stock market dealing Nissan as a subsidiary diamond.
The new balance is therefore suitable for everyone but it is not interpreted in the same way by both parties. On the Renault side, we believe in strengthening the operational alliance between the two groups, a “large -scale program” said the press release. “Together we have 10 % of the world market, we have the 90 % remaining to conquer and we are better armed for two to do so,” sums up Luca de Meo.
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