Up to now,
The disparity between the holdings was a cause of friction, especially after
The agreement on the change is still being finalized and needs board approval from both companies.
The companies said the shares in the French trust can eventually be sold but did not say to whom or how. They said the sale will be carried out in a “coordinated and orderly process” if a deal makes commercial sense to
Until then, the voting rights would be “neutralized” for most managerial decisions, but the economic rights, such as dividends, will continue to go to
The top shareholder in
The alliance has had its ups and downs since it began in 1999, when
The alliance, which also includes smaller Japanese automaker
Allegations against Ghosn include underreporting income, using investment funds for personal gain and illicit use of company expenses, including overseas homes and a yacht. Ghosn said he is innocent of all charges. He jumped bail in late 2019 and is now in
The equalization of the crossholdings has been speculated about for some time.
The companies called the move “an important milestone.”
“The ambition is to strengthen the ties of the alliance and maximize value creation for all stakeholders,” said
The agreement calls for
The announcement underlines the automakers' efforts to work together to ride out the avalanche of changes underway in a highly competitive industry. With worries growing about climate change, global markets are pushing electric vehicles and other cleaner modes of transportation.
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