Nissan and Renault have agreed to a major overhaul of their alliance, which will result in a 15% cross-shareholding between Nissan and Renault Group, obtained by Renault reducing its stake in Nissan to 15% from around 43%.

Renault Group would transfer 28.4% of Nissan shares into a French trust, where the voting rights would be “neutralized” for most of the decisions, but the economic rights (dividends and shares’ sale proceeds) would still entirely benefit to Renault until such shares are sold.

Renault Group would instruct the trustee to sell the entrusted Nissan shares if commercially reasonable for Renault Group in a coordinated and orderly process, but it would have no obligation to sell the shares within a specific pre-determined period of time.

Nissan will invest in Ampere, the EV & Software pure player founded by Renault Group, aiming to become a strategic shareholder.

The agreements are being finalized and the transaction remains subject to the approval of the boards of directors of Renault and Nissan. The Alliance members plan to make an announcement immediately after the board approvals.