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Renault-Nissan Alliance partnership strengthened

Renault-Nissan Alliance partnership strengthened

A Renault Board of Directors meeting in Paris, and a Nissan Board of Directors meeting in Tokyo have concluded with an agreement to strengthen the partnership of the Renault-Nissan Alliance.

Following the meetings, Carlos Ghosn, Chairman and Chief Executive Officer of the Renault-Nissan Alliance issued the following statement:

"Today was an important day for the future of the Renault-Nissan Alliance. After months of discussions, I am happy to say that an agreement has been reached that builds on our heritage and strong foundations to achieve further sustainable growth and success of the two partners. While there were important short-term issues to address, it was imperative that all involved took a long view."

The agreement is based on three key points, are worded as follows: 'The principle of the French government's double voting rights within Renault to be maintained as of 1st April 2016, and a contract between the French government and Renault caps the French government's voting rights at 17.9%, up to 20% in case of an unusually high quorum at the shareholders general meeting'; 'No enfranchisement of Nissan shares in Renault' and 'A contract between Renault and Nissan providing for non-interference in Nissan's governance by Renault'.

Ghosn added: "I want to thank all parties involved in helping us reach today's agreement for their hard work, constructive spirit and business vision. We now look forward to all parties returning their focus to day to day operations to pursue sustainable growth for Renault and Nissan and to increase performance through additional Alliance synergies."'