Trending: Renault and Nissan Agree to Reshape Alliance
30 Janeiro 2023 - 8:49AM
Dow Jones News
1118 GMT - Renault is among the most mentioned companies across
news items over the past 12 hours, according to Factiva data, after
the French auto group said it reached an agreement with Japanese
partner Nissan over how to reshape their decades-long alliance.
Renault said it would transfer 28.4% of its shares in Nissan into a
French trust, while Nissan would invest in Ampere, Renault's
electric-vehicle business. For UBS, Renault's news Monday doesn't
shed much new light on what was largely already discussed. "The
main piece of new information to us relates to Renault being still
able to receive dividends from the Nissan stake linked to the 28.4%
it will transfer to a French trust," UBS analysts said in a
research note, adding that no details were given about the
conditions needed should Renault wish to dispose of its stake in
the trust. The move means both Nissan and Renault have an equal 15%
stakes in each other, UBS said. Citi analysts in a research note
said they don't expect the renegotiated alliance to cause "major
re-ratings." Renault shares trade 2.2% lower to EUR37.35. Dow Jones
& Co. owns Factiva. (pierre.bertrand@wsj.com)
(END) Dow Jones Newswires
January 30, 2023 06:34 ET (11:34 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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