Posted Jan 17, 2023, 2:29 PMUpdated on Jan 17, 2023 at 7:48 PM
Rebalancing the cross-shareholdings of the two Alliance partners will be potentially costly for Renault. To fall back to the level of the Japanese manufacturer in its own capital, ie 15%, the Diamond will eventually sell 28.4%. Quite a block, the sale of which will have to be managed with care: it is a question of not causing a collapse of the share price of Nissan, and not of opening the door to an unwanted activist fund in Japan – a horrifying prospect in Yokohama.
Deprived of voting rights, these 28.4% will therefore be placed in a trust. Renault will be able to sell them over time without time constraints, Nissan will hold a right of first glance, and Losange will not be able to sell a share greater than 5% at once. It is the key mechanism of the great overhaul of the Alliance validated overnight from Monday to Tuesday.
