Renault, Nissan boards agree to equalize mutual stakes

By KELVIN CHAN and YURI KAGEYAMA
AP Business Writers

LONDON (AP) — The boards of Renault and Nissan have approved equalizing the stake each automaker holds in the other, bringing a better balance in the French-Japanese alliance. Under the decision announced Monday, both companies will own 15% in the other. Up to now, Renault Group of France owned 43.4% of Nissan, while Japanese automaker Nissan Motor Co. owned 15% of Renault. The uneven shareholdings had been viewed at times as a source of conflict. Renault Chairman Jean Dominique Senard announced the change in a news conference in London. The long speculated move was announced a week ago. The shares equivalent to a 28.4% stake will be transferred to a French trust.