Nissan- Renault go on stronger
AFTER the French government called for Renault to extricate itself from Nissan, the boards of directors of Renault and Nissan instead announced they will strengthen their partnership.
Carlos Ghosn, chair and CEO of the Renault- Nissan Alliance said after months of discussions, a new agreement has been reached “that builds on our heritage and strong foundations to achieve further sustain- able growth and success of the two partners”. The companies, which have been strategic partners since 1999, said it sold 8,5 million vehicles in nearly 200 countries last year.
The Alliance also has strategic collaborations with Germany’s Daimler, Japan’s Mitsubishi, China’s Dongfeng, India’s Ashok Leyland and Russia’s Lada.
The new agreement rests on three pillars:
• The French government retains double voting rights within Renault, capped at 20% in case of an unusually high quorum at the shareholders’ general meeting;
• No enfranchisement of Nissan shares in Renault;
• A contract between Renault and Nissan providing for non- interference in Nissan’s governance by Renault.