2023-12-12 20:46:48
Until now, Renault held 43% of the Japanese manufacturer Nissan. STEPHANE MAHE/REUTERS
DECRYPTION – The French group transfers 5% of its capital placed in a trust to its Japanese ally to make peace with it. The impact on its net profit could reach 1.5 billion euros.
Renault was quick to dip into its pot of Nissan shares. The diamond group announced that it was going to “retrocede” to the Japanese manufacturer 5% of its capital for an estimated value of 765 million euros. This “pot”, in reality a trust, was officially created just over a month ago when 28.4% of Nissan’s capital, held by Renault, was housed in this French-style “trust”, a set-up imagined by the former French and Japanese allies to re-establish fairness in their cross-shareholdings. Until then, Renault held 43% of Nissan and Nissan only 15% of Renault.
The value that the diamond group will derive from this sale is much lower than what it could have expected, the Nissan share price having melted. One could have imagined that Renault would wait for a rise in the price to resell blocks of Nissan shares under more favorable conditions.
Talks with Volkswagen
«Renault bought its Nissan shares at 400 yen in 1999 but since then, the price…
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