Renault Group sold to Nissan 99,132,100 Nissan shares for €358 million
28 March 2024 - 5:30PM
Renault Group sold to Nissan 99,132,100 Nissan shares for €358
million
Press ReleaseMarch 28, 2024 |
|
|
Renault Group sold to Nissan
99,132,100
Nissan shares
for €358 million
Boulogne-Billancourt, March 28, 2024
After a first sale of Nissan shares on December
13, 2023, Renault Group has completed a second transaction
on March 28, 2024 and sold to Nissan 99,132,100 Nissan
shares, representing approximately 2.5% of
Nissan’s capital.
It results in a cash inflow of €358
million, which improves the Automotive net cash financial position
and allows faster deleveraging of the Group. It also supports the
Group’s target to return to an investment grade
rating.
This sale results from the exercise by Nissan of
its right of first offer to acquire 99,132,100 Nissan shares
following a notice from Renault Group expressing its intention to
sell 280,690,000 Nissan shares (representing up to 7% of Nissan
capital). Pursuant to the New Alliance Agreement, Renault Group has
the option to sell the remainder of the Nissan shares that have not
been bought back by Nissan, representing 181,557,900 Nissan shares,
during a 180-day period to Nissan or to third-parties.
This sale was implemented as part of the share
buyback program announced by Nissan on March 27, 2024 and
implemented on March 28, 2024. As a result of Nissan’s decision to
cancel all the bought back shares, the transaction will be
accretive for Nissan’s shareholders (see table below for more
details). This cancellation will be implemented on April 3,
2024.
As a consequence of the sale of 99,132,100
Nissan shares, the accounting impacts will be the following:
- On Renault Group
consolidated financial statements: a capital loss on disposal of
around €440 million, which will impact the net income (this capital
loss, booked in "other operating income and expenses", will not
impact the Group's operating income).
- On Renault S.A.
statutory statements: a capital gain on disposal of around €50
million.
Evolution of Nissan capital held by Renault
Group
|
|
|
|
Situation as of November 8, 2023 |
|
|
in % of capital |
Total number of shares forming the capital of Nissan |
4,220,715,112 |
|
Total number of shares held by Renault Group |
1,831,837,027 |
43.40% |
- Directly-held Nissan shares |
|
633,107,309 |
15.00% |
- Nissan shares held in the French Trust |
|
1,198,729,718 |
28.40% |
|
|
|
|
Situation as of December 31, 2023 |
|
|
in % of capital |
Total number of shares forming the capital of Nissan |
4,009,715,112 |
|
Total number of shares held by Renault Group |
1,620,837,027 |
40.42% |
- Directly-held Nissan shares |
|
633,107,309 |
15.79% |
- Nissan shares held in the French Trust |
|
987,729,718 |
24.63% |
|
|
|
|
Transaction
of March 28, 2024 |
|
|
in % of capital |
Number of Nissan shares sold by Renault Group to Nissan |
99 132 100 |
2.47% |
|
|
|
|
Situation after Nissan shares cancellation |
|
|
in % of capital |
Total number of Nissan shares forming the capital of Nissan |
3,909,472,212 |
|
Total number of Nissan shares held by Renault Group |
1,521 704,927 |
38.92% |
- Directly-held Nissan shares |
|
633,107,309 |
16.19% |
- Nissan shares held in the French Trust |
|
888,59,7618 |
22.73% |
In accordance with the New Alliance Agreement,
Renault Group has no obligation to dispose of the 1.19% 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 more than 2.235 million
vehicles in 2023. 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.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
|
|
Valérie Gillot+33
6 83 92 92 96valerie.gillot@renault.com |
Rie Yamane+33 6
03 16 35 20rie.yamane@renault.com |
|
- 20240328_Press Release_Renault Group_Disposal Nissan
Shares
Renault (TG:RNL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Renault (TG:RNL)
Historical Stock Chart
From Jul 2023 to Jul 2024