Renault to Sell 5% Tranche of Nissan Stake

REUTERS/Gonzalo Fuentes/File Photo
A logo of Renault in Paris, France, November 15, 2023.

PARIS (Reuters) – French carmaker Renault will sell a tranche of around 5% of its stake in Japan’s Nissan as part of a wider rebalancing of the two companies’ long-standing alliance, Renault said in a statement on Tuesday.

The sale will be implemented as part of a share buyback program announced by Nissan, and is to be executed on Wednesday, Renault said.

Renault and Nissan finalized at the end of July the terms of a restructuring of their alliance after months of negotiations, aiming for a downsized, but more pragmatic and agile partnership. Renault Group and Nissan will continue to hold cross-shareholdings of 15%.