Renault Group sold 99,132,100 Nissan shares to Nissan for 358 million euros.

The sale follows Nissan’s exercise of its right of first offer to acquire 99,132,100 Nissan shares following notification from Renault Group expressing its intention to sell 280,690,000 Nissan shares (representing approximately 7% of Nissan’s capital). Pursuant to the New Merger Agreement, Renault Group has the option to sell the remaining shares not repurchased by Nissan, representing 181,557,900 Nissan shares, within 180 days to Nissan or third parties.

The sale was executed as part of a share buyback program announced by Nissan on March 27, 2024 and completed on March 28, 2024. In light of Nissan’s decision to cancel all repurchased shares, this operation will have the effect of being accepted by its shareholders (see the table below for more details). This cancellation will take effect on April 3, 2024.

The accounting effects of this sale of 99,132,100 Nissan shares will be as follows:

• on the consolidated accounts of the Renault Group: a capital loss is realized for approximately 440 million euros that will affect the net profit (this capital loss, recognized in “Other operating income and expenses”, will not affect the Group’s operating profit);
• on the company accounts of Renault SA: capital gains on sales of approximately 50 million euros.

Changes in the capital of Nissan carried out by the Renault Group

According to the New Alliance Agreement, Renault Group is not required to divest 1.19% more than 15% and Nissan will continue to hold 15% of shares in Renault Group.
The voting rights of Renault Group and Nissan will however continue to be reduced to 15%.