April 7, 2010 / 8:00 AM / 9 years ago

CORRECTED-FACTBOX-Details of Renault-Nissan, Daimler agreement

(Corrects stakes in third bullet point)

April 7 (Reuters) - Carmakers Renault SA (RENA.PA), Nissan Motor Co (7201.T) and Daimler AG (DAIGn.DE) announced on Wednesday a strategic cooperation that includes a one-time exchange of minor stakes in each other.

Following are the details of the agreement:

CAPITAL, MANAGEMENT STRUCTURE

— Renault-Nissan and Daimler will hold 3.1 percent of each other. Daimler will get 3.1 percent of Renault through a new share issuance and receive part of Renault’s existing shares in Nissan equivalent to 3.1 percent of the Japanese company. Renault will in return get 3.1 percent of Daimler’s shares, half of which will be given to Nissan in exchange for 2 percent of Nissan’s treasury shares. As a result, Daimler will hold 3.1 percent in both Renault and Nissan, while Renault and Nissan will own 1.55 percent of Daimler.

— The three agreed to a lock-up of that structure for a maximum of five years.

— After the exchanges, Renault’s stake in Nissan will fall to 43.4 percent from 44.3 percent, and Nissan’s stake in Renault will remain at 15 percent.

— The cooperation committee will be co-chaired by Carlos Ghosn, chief executive of Renault and Nissan, and Daimler CEO Dieter Zetsche, and steered by senior executives of the three companies.

SMALL CARS

— The successor of Daimler’s smart fortwo model, a new four-seater smart model and the next-generation Renault Twingo will be engineered on the basis of jointly developed vehicle architecture.

— Launches of the jointly developed models are planned from 2013. Mercedes-Benz’s smart plant in Hambach, France will produce the two-seater versions, while Renault’s Novo Mesto, Slovenia plant will produce the four-seater versions. Models will be available with an electric drive from launch.

POWERTRAINS

— Renault-Nissan and Daimler will share fuel-efficient diesel and gasoline engines.

— Renault-Nissan will provide 3- and 4-cylinder gasoline and diesel engines to Daimler.

— Daimler will provide gasoline and diesel engines to Nissan’s premium Infiniti brand, including 4- and 6-cylinder engines.

— The three will cooperate on future gasoline and diesel engines.

— Engine cooperation will ensure preservation of each brand’s distinct brand and product identities while providing competitive cost structure, including through a high level of standardisation.

LIGHT COMMERCIAL VEHICLES

— Mercedes-Benz Vans will expand its portfolio to offer an entry-level van from 2012, with technology provided by Renault. Renault will produce the van at its Maubeuge, France plant.

— Some powertrain components will be shared to expand midsize van offerings and sales volumes. Daimler will get small diesel engine and transmissions from Renault-Nissan for its midsize Mercedes-Benz Vito van.

WHAT’S AHEAD

— Each company will pursue future opportunities for cooperation, including shared modules and parts between Infiniti and Mercedes-Benz vehicles, regional cooperation in the United States, China and Japan between Nissan, Infiniti and Daimler.

— The three will explore opportunities to co-develop technologies in electric vehicles and batteries. (Reporting by Chang-Ran Kim)

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