Renault’s board voted in favor on Sunday to reshape the French automaker’s alliance with its Japanese associate Nissan, a supply mentioned.

The deal will reshape the two-decade-old alliance to place the 2 corporations on an equal footing.

Underneath the settlement, Renault will scale back its controlling stake in Nissan to fifteen p.c from 43 p.c, whereas Nissan will take a share in Renault’s carved-out electric-vehicle enterprise Ampere.

The settlement nonetheless wants backing from Nissan’s board earlier than it’s formally unveiled on Monday in London.

The adjustments would be the first main overhaul of the alliance since Renault rescued Nissan from close to chapter in 1999 by taking controlling stake within the Japanese automaker.

Underneath the rebalancing, the companions will enhance their worldwide cooperation with new operational tasks in Latin America, India and Europe.