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Automakers Renault, Nissan to make cross-shareholdings equal


AP Business Writer

TOKYO (AP) — Nissan and Renault have agreed to equalize the stakes they hold in each other, ironing out a source of conflict in the Japan-French auto alliance. The companies say Renault Group will transfer 28.4% of the Nissan shares it owns to a French trust, making its ownership level with Nissan’s 15% stake in the French automaker. The companies say voting rights would be “neutralized” for most decisions. The move had been anticipated. The Nissan-Renault alliance began in 1999 at a time when the Japanese automaker was in tough financial straits. The disparity was a cause of friction, especially after Nissan became far more profitable than Renault.

Article Topic Follows: AP National News

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