Renault CEO Luca de Meo worked for more than eight months to reboot the automaker’s alliance with Nissan Motor Co. to move beyond a "culture of compromise" that had been the status quo in recent years, he said.
In de Meo’s view, a merger was previosly seen as the ultimate goal of the alliance, and as a result many projects between Nissan and Renault were done with that in mind rather than for sound business reasons.
"It forced a culture of compromise, which is not the optimal solution," de Meo told Automotive News Europe in an interview late last year.
The two companies concluded negotiations last month to rebalance their cross-shareholdings, with each holding 15 percent of the other, and with 28 percent of Nissan that Renault holds put into a French trust. The trust can sell down that stake as market conditions warrant.
In addition, the companies agreed to work on five new joint projects, and Nissan will take a stake of up to 15 percent in…