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Renault keeps 15% stake in Nissan, transfers majority of shares to French trust

Renault and Nissan completed a landmark deal to rebalance their 24-year-long alliance, paving the way for a new relationship after years of acrimony between the two partners. The automakers on Wednesday announced the creation of a French trust to which Renault transferred 28.4% of Nissan shares. The companies first disclosed plans for the trust in January. Renault Group and Nissan now have a cross-shareholding of 15% with lock-up and standstill obligations, the companies and junior alliance partner Mitsubishi Motors Corp. said in a statement. Renault managers in recent weeks have reiterated that staff should no longer share information with their Nissan counterparts, according to people familiar with the situation, after the French carmaker announced in September that aspects of the alliance would be unwound by year-end.  Taken together with the deal to equalize their cross-shareholdings at 15%, the developments are the clearest indications yet that members of one of the world’s biggest automotive tie-ups are increasingly going their separate ways. Renault told employees in September it was moving away from common structures with Nissan in favor of a new, project-by-project approach to working together. The dissolution of the companiesÂ’ joint purchasing organization means the two will no longer pool information on a regular basis due to antitrust concerns. The sell-down of shares held by the trustee will be coordinated with Nissan, which will have the right of first offer to purchase the stock. The trust will have no obligation to sell the shares within a specific or pre-determined period of time. The new alliance deal presented to investors in London in February followed months of tense negotiations that nearly collapsed late last year due to sticking points on intellectual property and disagreement over the valuation of RenaultÂ’s electric-vehicle and software arm Ampere, in which Nissan has agreed to invest. The alliance dates back to 1999, when Renault rescued Nissan with a cash injection and the two formed one of the biggest auto partnerships in the industry. Rivalries and mutual suspicion mounted over the years and came to a head when former leader Carlos Ghosn openly contemplated merging the two companies, contributing to his downfall.

Nissan puts Around View Monitor on ocean-exploring robots [w/video]

Capable as it may be, we wouldn't advise driving your crossover to the bottom of the ocean. Nissan, however, is doing the next best thing by putting its Around View Monitor on seabed-crawling robots. The partnership brings Nissan together with the Japan Agency for Marine-Earth Science and Technology (JAMSTEC) and Topy Industries, a leading manufacturer of robotic crawlers. Nissan supplies the Around View Monitor it usually puts in its crossovers and SUVs, which Topy installs on its Remotely Operated Vehicles (ROVs) and JAMSTEC sends to the ocean floor. The project even enjoys support from the Japanese cabinet through its Strategy Innovation Promotion program that aims to bring private-sector innovation to government projects. With Nissan's 360-degree camera technology, JAMSTEC and Topy hope to "uncover the mysteries of the oceans," and seem to be going about it a smarter way than submerging a landlubber like the Juke or Rogue to car-crushing depths. Just what they'll uncover remains to be seen, but we're looking forward to finding out, and applaud the initiative. Of course, Nissan isn't the first automaker to deploy its technologies in robots to explore undiscovered worlds: Toyota recently lent its voice-recognition system to the Kirobo project that put a pint-sized robot in orbit to converse with the astronauts in the International Space Station. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. NISSAN AVM TECH TO GO UNDERWATER FOR DEEP SEA EXPLORATION - Nissan's Around View Monitor (AVM) technology will help remotely operated vehicles (ROVs) search for natural resources in the Earth's oceans - Nissan's AVM is building block of company's autonomous drive technology - Featured across Nissan's crossover range including best-selling new Juke, Qashqai and X-Trail Nissan is providing its unique Around View Monitor (AVM) technology to the Japan Agency for Marine-Earth Science and Technology (JAMSTEC) and Topy Industries, Ltd., through a joint development project that may help uncover the mysteries of the oceans. The joint development contract with JAMSTEC and Topy, one of the top manufacturers of robot crawlers in Japan, will enhance the government agency's ability to search deep underwater for natural resources using remotely operated vehicles (ROVs). Nissan's AVM technology will help ROV operators avoid obstacles and navigate the ocean seafloor more easily.

Court rejects Carlos Ghosn's request to attend Nissan board meeting

TOKYO — A Japanese court has rejected a request by former Nissan chairman Carlos Ghosn, released on bail last week, to attend the Japanese automaker's board meeting on Tuesday. Nissan dismissed Ghosn as chairman after his Nov. 19 arrest, but he remains on the board. The Tokyo District Court said it rejected Ghosn's request on Monday but did not elaborate on the reasons. It had been unclear whether Ghosn could attend the board meeting. The court's approval was needed based on restrictions imposed for his release on bail. The restrictions say he cannot tamper with evidence, and attending the board meeting could be seen as putting pressure on Nissan employees. Prosecutors had been expected to argue against his attendance. They were not available for immediate comment. Ghosn has been charged with falsifying financial reports in underreporting his compensation and breach of trust in making payments to a Saudi businessman and having Nissan shoulder investment losses. He insists he is innocent, saying the compensation was never decided or paid, the payments were for legitimate services and Nissan never suffered the losses. Since his release on March 6 from Tokyo Detention Center on 1 billion yen ($9 million) bail, he has been spotted taking walks in Tokyo with his family, but he has not made any comments. His attempt to exercise what his lawyer, Junichiro Hironaka, called his "duty" by attending the board meeting signals one way he may be fighting back. Hironaka has said Ghosn will speak to reporters soon. A date for a news conference has not been announced. Nissan said Monday that Renault Chairman Jean-Dominique Senard, Renault Chief Executive Thierry Bollore, Nissan Motor Co. CEO Hiroto Saikawa, and Osamu Masuko, the chairman and CEO of Mitsubishi Motors Corp., will hold a joint news conference Tuesday after the board meeting. Nissan appears determined to highlight new leadership without Ghosn. It is part of an alliance with Renault SA of France, and more recently with Japan's Mitsubishi Motors, that was largely cobbled together by Ghosn, who led Nissan for two decades. Nissan, which makes the March subcompact, Leaf electric car and Infiniti luxury models, has denounced Ghosn for alleged misconduct. A decision at a shareholders' meeting is needed to remove Ghosn from the board. A shareholders' meeting is scheduled for next month.