Nissan and Renault equalise shareholdings to iron out voting conflict

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Nissan And Renault Equalise Shareholdings To Iron Out Voting Conflict
Japan Nissan Renault, © Copyright 2015 The Associated Press. All rights reserved.
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By Associated Press Reporter

Nissan and Renault have equalised their company shareholdings at 15% to iron out a source of conflict in the Japan-France car alliance.

Renault Group will transfer 28.4% of the Nissan shares it owns into a French trust, so its stake will be the same 15% that Nissan has in the French vehicle maker.

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Voting rights would be “neutralised” for most decisions, the two companies said.

The move had been anticipated because of leaks to various media outlets.

The Nissan-Renault alliance began in 1999, at a time when the Japanese car maker was in tough financial straits.

The disparity was a cause of friction, especially after Nissan became far more profitable than Renault.

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