Renault buys Nissan stake
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• Renault and Nissan have signed a "global partnership agreement", ending weeks of speculation. Renault will acquire a 36.8% stake in Nissan, 22.5% of Nissan Diesel and all of Nissan's European financial subsidiaries, for 13.3bn. This will create the fourth largest automotive alliance in the world with an output of 4.8-million vehicles.
Renault executive vice-president Carlos Ghosn will become chief operating officer of Nissan; Renault executives Patrick Pelata and Thierry Moulanguet will join the Nissan senior management team. Yoshikazu Hanawa, Nissan's president and chief executive officer, will join the Renault board.
Beyond the immediate benefrt of allowing Nissan to clear a sizeable chunk of its £"13bn debt, the agreement pledges to respect both brands' identities.