Renault, Nissan boards approve ‘rebalanced’ alliance

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 today.

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