Renault, Nissan Boards Approve Overhaul Of Alliance

The boards of the two car makers have approved a major overhaul of the alliance. (File)

London:

The boards of French automaker Renault and Japanese partner Nissan have approved a major overhaul of their rocky alliance following months of negotiations, the companies said on Monday.

The carmakers said in a statement that they “rebalanced” their relationship, with Renault reducing its stake from 43.4 percent to 15 percent, the same size as Nissan’s share of its French counterpart.

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