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Nissan Motor's
French Connection

April - 1999

The French automaker Renault took a 36.8% (controlling interest)  equity stake in Nissan Motor Co. and a 22.5% stake in Nissan Diesel.  Carlos Ghosn, previously Executive Vice President of Renault, was appointed Chief Operating Officer of Nissan Motor. The French government holds 44% equity stake in Renault.

March - 2002

The French automaker Renault exercised the warrants for 539.75 million shares of Nissan Motor that it had been holding since the 1999 agreement. The exercise was executed at the planned share price of JPY400, for a total amount 215.9 billion yen, taking the French automaker's controlling interest stake in Nissan Motor from 36.8% to 44.4%.

May - 2002

Nissan Motor finalized its acquisition of a holding in the French automaker Renault, taking its stake to 15% - without voting rights.

July - 2003

n a gradual withdrawal of the French government's holdings in Renault, comes the latest step. The French government sold 8.5% of the automaker Renault and would sell another three million of its Renault shares to current and former Renault employees.
Following these two stake sales, the French government would hold roughly 15% of Renault's share capital (down from the 25.9% it had previously owned), representing 18.5% of voting rights. The French
government plans to hold onto the 15% stake for the short to medium term.

Sources:  Renault.com and other Internet Articles

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