PARIS and YOKOHAMA (July 26, 2023) – Renault Group and Nissan Motor Co., Ltd today
announced that they have entered into the definitive agreements contemplated by the binding
framework agreement executed and announced on February 6, 2023. The transactions
contemplated in these definitive agreements are subject to a limited number of conditions
precedent, including regulatory approvals, and completion is expected to occur in the fourth
quarter of 2023.
Jean-Dominique Senard, Chairman of The Alliance, said: “The agreements that have been signed
today allow us to step into the next chapter of the Alliance. They strengthen our long-standing
partnership and will maximize value creation for each Alliance member. This also lays the foundations
for a new balanced, fair, and effective governance.”
Makoto Uchida, President and CEO, Nissan Motor Co. Ltd., said: “With the finalization of the
definitive agreements, we have entered the next phase of collaboration with Renault and Mitsubishi
Motors in mutually beneficial areas of innovations. This will create additional value through initiatives
aligned to Nissan’s Ambition 2030 and electrification strategy. The investment opportunity in Ampere
complements and strengthens Nissan’s ongoing electric push in Europe and will deliver numerous
synergies, including cost efficiencies, regulatory compliance, and a broader range of EV products and
powertrains.”
Luca de Meo, CEO of Renault Group, said: “These agreements provide us with a solid base to
reactivate business operations worldwide in key markets, with the potential to generate hundreds of
millions in value for Renault, Nissan, Mitsubishi and stakeholders. They give us the strategic agility that
we need more than ever in today’s rapidly evolving environment. We are all engaged with the right
mindset and welcome Nissan as a strong partner in our upcoming EV and Software pure player Ampere.
It confirms the attractiveness of the project to be front runner in Europe, allowing Renault and its Alliance
partners to position themselves ahead of the starting grid for the EV and software race in Europe.”
The agreements focus on extending the Alliance collaboration in three areas:
- High-value-creation operational projects in India, Latin America and Europe;
- Enhanced strategic agility with new initiatives that partners can join; and
- Rebalanced Renault Group-Nissan cross-shareholdings and reinforced Alliance governance.
In the first area, the partners are considering new key projects in Latin America, India and Europe that
aim to deliver win-win, large-scale and actionable benefits. Among these, Renault Group and Nissan
have already announced their renewed commitment to Indian operations through new investment and
vehicles.
In the second area of enhanced cooperation, the partners agreed to explore their existing strategies in
electrification and low-emission technologies by investing and collaborating in respective membercompany projects that could provide incremental value to each individual business.
As part of this cooperation, Nissan has confirmed its intention to become a strategic investor in Ampere,
Renault Group’s new EV and software entity in Europe. Accordingly, Nissan has committed to invest in
Ampere up to Euro 600 million consistent with being a strategic investor in Ampere and securing a board
seat. This investment opportunity aligns with Nissan’s electrification strategy, creating multiple potential
benefits and synergies that complement Nissan’s own goals and initiatives in Europe and other potential
markets.
The definitive agreements also formalize the rebalancing of the Renault Group-Nissan crossshareholdings and the reinforcement of the governance of the Alliance. Renault Group and Nissan
entered into a new Alliance agreement that will replace the current agreements governing the Alliance
(namely, the Restated Alliance Master Agreement, the Alliance Equity Participation Agreement and the
Memorandum of Understanding of March 12, 2019).
As announced on February 6, 2023, Renault Group and Nissan will retain cross-shareholdings of 15%
with lock-up and standstill obligations. Renault will transfer 28.4% of its Nissan shares into a French
trust, where the entrusted shares will be voted neutrally, subject to limited exceptions. Renault Group
would continue to fully benefit from the economic rights (dividends and proceeds of share sales) from
the entrusted shares until such shares are sold. The transfer to the trust would trigger no impairment in
Renault Group financial statements.
As a result of the transfer of the 28.4% of Nissan shares to the trust, Nissan would be able to exercise
its voting rights attached to its shareholding in Renault Group. The voting rights of Renault Group and
Nissan would be capped at 15% of the exercisable voting rights, with both companies able to freely
exercise their voting rights within such limit.
Renault Group would instruct the trustee to sell the entrusted Nissan shares if commercially reasonable
for Renault Group, but it has no obligation to sell the shares within a specific pre-determined period of
time. Renault Group would have full flexibility to sell the Nissan shares held in the trust, within a
coordinated and orderly process with Nissan, in which Nissan would benefit from a right of first offer, to
its or the benefit of a designated third party.
