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Share Name | Share Symbol | Market | Type |
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Renault SA | BIT:RNO | Italy | Ordinary Share |
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Press ReleaseDecember 13, 2023 |
Renault Group sold 211,000,000 Nissan shares for €764 million
Boulogne-Billancourt, December 13th, 2023 – Following the New Alliance Agreement signed on November 8, 2023 with Nissan, Renault Group has started to monetize the 28.4% of Nissan shares that were transferred by Renault Group into a French trust.
Renault Group announces that it sold 211,000,000 Nissan shares to Nissan, representing 5% of Nissan capital.
This disposal fits in with Renault Group's capital allocation strategy, which consists of 2 phases:
More specifically, the €764 million cash inflow from this operation will cover financial investments made by Renault Group in 2023 as well as those planned for 2024. This will allow faster deleveraging and supports the Group’s determination to return to an investment grade rating.
This sale was implemented as part of the share buyback program announced by Nissan on December 12, 2023, and executed on December 13, 2023. Nissan has also announced his decision to cancel all the acquired shares on December 15, 2023.
On the transaction date, this sale of Nissan shares by Renault Group, at a Nissan share price of ¥568.5 resulted in:
Following the cancellation of the acquired shares as part of the buyback and decided by Nissan, scheduled for December 15, 2023, Renault Group's direct holding position will rise automatically to 15.79% of Nissan's capital. 24.63% of Nissan shares will be held in the French trust of which Renault Group is the beneficiary. In accordance with the New Alliance Agreement, Renault Group has no obligation to dispose of the 0.79% in excess of the 15%, and Nissan will continue to hold a 15% stake in Renault Group. However, the voting rights of Renault Group and Nissan will continue to be capped at 15%.
About Renault Group
Renault Group is at the forefront of a mobility that is reinventing itself. Strengthened by its alliance with Nissan and Mitsubishi Motors, and its unique expertise in electrification, Renault Group comprises 4 complementary brands - Renault, Dacia, Alpine and Mobilize - offering sustainable and innovative mobility solutions to its customers. Established in more than 130 countries, the Group has sold 2.1 million vehicles in 2022. It employs nearly 106,000 people who embody its Purpose every day, so that mobility brings people closer. Ready to pursue challenges both on the road and in competition, Renault Group is committed to an ambitious transformation that will generate value. This is centred on the development of new technologies and services, and a new range of even more competitive, balanced, and electrified vehicles. In line with environmental challenges, the Group’s ambition is to achieve carbon neutrality in Europe by 2040. More information: https://www.renaultgroup.com/en/
RENAULT GROUP INVESTORRELATIONS | Philippine de Schonen+33 6 13 45 68 39philippine.de-schonen@renault.com | |||
RENAULT GROUP PRESS RELATIONS | Rie Yamane+33 6 03 16 35 20rie.yamane@renault.com |
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