TOKYO – Renault Group and Nissan have agreed on a basic framework for rebalancing their decades-old alliance in which Renault will reduce its controlling stake in Nissan to 15 percent from 43 percent, while Nissan will take a share in a new electric vehicle spinoff from Renault.
In joint statements on Monday, Nissan and Renault said the proposal was still subject to approval by their boards and that a formal announcement will come "immediately" after approval.
People familiar with the long-running talks, which began early last year, said the final structure of the deal was expected to go before the boards for review and approval as early as this week.
An announcement could happen as early as Feb. 6.
"The ambition is to strengthen the ties of the Alliance and maximize value creation for all stakeholders," the companies said.
Under the proposal, Renault will reduce its 43 percent stake in Nissan to 15 percent, matching the 15 percent s…