Renault board said to back Nissan alliance revamp

Renault’s board voted in favor on Sunday to reshape the French automaker’s alliance with its Japanese partner Nissan, a source said.

The deal will reshape the two-decade-old alliance to put the two companies on an equal footing.

Under the agreement, Renault will reduce its controlling stake in Nissan to 15 percent from 43 percent, while Nissan will take a share in Renault’s carved-out electric-vehicle business Ampere.

The agreement still needs backing from Nissan’s board before it is formally unveiled on Monday in London.

The changes will be the first major overhaul of the alliance since Renault rescued Nissan from near bankruptcy in 1999 by taking controlling stake in the Japanese automaker.

Under the rebalancing, the partners will increase their international cooperation with new operational projects in Latin America, India and Europe.