To do this, Nissan will buy back part of its shares from Renault in the amount of 362 million euros. Renault, in turn, will record an accounting loss from the transaction in the amount of 450 million euros, Interfax writes, citing a statement from the French automaker. The sale of shares will take place as part of a plan to rebalance cross-shareholdings and equalize the position of companies in the alliance – they will own 15 percent of each other’s shares.
The fact that the Renault-Nissan-Mitsubishi alliance is planned to restart became known last summer. Then it was reported that the shares of the alliance members would be redistributed. Currently, the Renault Group holds a 43.4 percent stake in Nissan Motor, while Nissan has only a 15 percent stake in the Renault Group.
Renault has already transferred a 28.4 percent stake in Nissan to a French trust to gradually sell it to a partner. Interfax clarifies that after the official announcement, Renault shares rose in price by 0.4 percent in trading on Wednesday. Since the beginning of this year, the company’s capitalization has grown by 27 percent and reached 13.2 billion euros.
As for Mitsubishi Motors, it joined the alliance only in 2016, and acts in it as a satellite of Nissan (owns 34 percent of Mitsubishi shares). She does not play a significant role in the transaction.
All three mentioned companies curtailed their activities in Russia after the start of the SVO. The Renault plant in Moscow has joined the city’s balance sheet and now Moskvich cars are assembled there. The former Nissan facility in St. Petersburg currently produces the Xcite X-Cross 7, also known as the Chery Tiggo 7 Pro. Well, at the facilities of the PSMA Rus plant, where two years ago they produced several Mitsibishi models, the Citroen C5 Aircross was registered.
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