The first changes in the structure of the Renault-Nissan alliance have been announced, and the French group will reduce its stake in the Japanese company by 28 percentage points. The companies will invest in key projects in Latin America, India and Europe, covering three areas: markets, vehicles and technology.

This is what Renault’s press release says

After several months of constructive negotiations with Nissan Motor Co. Ltd, Renault Group announces today (subject to approval by the Board of Directors) that an important milestone has been reached in discussions to define new foundations for the partnership between the two groups.

The overall objective is to strengthen ties within the Alliance and maximize value creation for all parties involved through a three-step approach:

Renewing partnerships with high-value creative operational projects.

• Key projects in Latin America, India and Europe, which will cover three areas: markets, vehicles and technology.

Increased strategic flexibility through new initiatives that partners can join.

• Nissan is set to invest in Ampere, Renault Group’s fully electric vehicle and software company, with the aim of becoming a strategic shareholder.

• Balanced governance and mutual partner capital to accelerate operational efficiency gains.

• Renault Group and Nissan will retain a 15% equity stake in the other party, with an obligation to maintain and maintain it at that level. Both partners will be able to freely use their voting rights related to the direct participation of 15%, with a limit of 15%.

• Renault Group will transfer 28.4% of its shares in Nissan to a French trust, in which voting rights will be “neutralized” for most decisions, but in which economic rights (dividends and proceeds from the sale of shares) will remain fully owned by Renault Group until the sale of these shares.

• Renault Group will instruct the trustee to sell the Nissan trustee shares if it is commercially expedient for Renault Group to do so in an organized and orderly process, but will have no obligation to sell the shares within a predetermined period of time.

• The General Coordination Forum of the Alliance will continue to be the current Governing Council of the Alliance.

The deals are being finalized, the deal is subject to approval by the boards of directors of Renault Group and Nissan.

Alliance members will publish announcements immediately after approval by the administrative councils.