PARIS: French automaker Renault SA is ready to lower its equity stake in Japanese partner Nissan Motor Co. from the current 43 percent, the French newspaper Les Echos reported Sunday.
The two companies will hold discussions after Nissan asked for a reduction in Renault’s stake, the newspaper’s online version said, adding that the ownership ratio may drop to 15 percent.
Renault plans to split its electric vehicle operations. The automaker is ready to release some Nissan shares if the Japanese partner invests in the new company to be created through the split.
The value of Nissan shares to be sold by Renault may reach 4 billion euros. The French government, Renault’s top shareholder, has not expressed opposition to the possible share sale, according to the report.
Nissan holds a 15 percent stake in Renault, but it does not have voting rights under French law because Renault owns more than 40 percent of Nissan. Nissan is trying to make the two companies’ capital relationship equal.
JIJI Press