Renault, 362 million from Nissan's 2.5%. Four new models in India
The programme set out in the New Alliance Agreement, under which the two houses will maintain 15% cross-shareholdings, goes ahead
3' min read
Key points
Le ultime da Radiocor
Cedacri: in I semestre ebitda sale a 124 mln, migliora leva finanziaria
Borsa: Trump gela i mercati, Milano (-1,2%) limita i danni con rimbalzo oil
*** BTp: spread chiude in rialzo a 81 punti, rendimento decennale balza al 3,90%
3' min read
Following the first sale of Nissan shares on 13 December 2023, the Renault Group announced its intention to sell up to 100,242,900 shares, representing around 2.5% of the Japanese carmaker's capital, to Nissan. The transaction is expected to result in a positive cashflow of up to €362 million, which would improve Renault Auto's net financial position. This transaction will allow the French to accelerate debt reduction and support the transalpine group's desire to return to an investment grade financial rating.
Operation in accordance with the New Alliance Agreement
.The sale of around 2.5% of Nissan's capital resulted from its exercise of its right of first offer to acquire 100,242,900 shares following the Renault Group's notification of its intention to sell 280,690,000 Nissan shares (representing around 7% of the Yokohama-based company's capital). In accordance with the New Alliance Agreement, the French group has the option to sell the remaining 180,447,100 shares not purchased by Nissan within a period of 180 days, either to Nissan itself or to third parties. Based on the Agreement, signed in February 2023, Renault Group and Nissan agreed to maintain 15% cross-shareholdings with lock-up and standstill obligations.
The shares to be sold are part of the 24.63% of Nissan's capital held by a French trust company (28.4% was initially sold by the Renault Group, down from 43.4%, to this same trust company on 8 November 2023, under the New Agreement).
The sale will be carried out as part of the Japanese manufacturer's announced buyback programme. Nissan announced its decision to cancel the acquired shares, with a positive capital effect for shareholders.
An alliance for India with 4 models (no Ev)
.Meanwhile, Renault and Nissan also presented their expansion programme on the Indian subcontinent in Chennai. As announced a year ago at the signing of the New Agreement, the Alliance has decided to invest$600 million to produce new models and increase exports, through an 80% increase in plant utilisation in the country. Both the Nissan Magnite and the Renault Kiger and Triber, all based on the CMF/A+ platform, are being built in Chennai. In the same plant, two new SUVs, 5 and 7-seater, will be developed for Renault, and the same number for Nissan. Non-electric.
