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Renault keeps 15% stake in Nissan, transfers majority of shares to French trust

Renault and Nissan completed a landmark deal to rebalance their 24-year-long alliance, paving the way for a new relationship after years of acrimony between the two partners. The automakers on Wednesday announced the creation of a French trust to which Renault transferred 28.4% of Nissan shares. The companies first disclosed plans for the trust in January. Renault Group and Nissan now have a cross-shareholding of 15% with lock-up and standstill obligations, the companies and junior alliance partner Mitsubishi Motors Corp. said in a statement. Renault managers in recent weeks have reiterated that staff should no longer share information with their Nissan counterparts, according to people familiar with the situation, after the French carmaker announced in September that aspects of the alliance would be unwound by year-end.  Taken together with the deal to equalize their cross-shareholdings at 15%, the developments are the clearest indications yet that members of one of the world’s biggest automotive tie-ups are increasingly going their separate ways. Renault told employees in September it was moving away from common structures with Nissan in favor of a new, project-by-project approach to working together. The dissolution of the companiesÂ’ joint purchasing organization means the two will no longer pool information on a regular basis due to antitrust concerns. The sell-down of shares held by the trustee will be coordinated with Nissan, which will have the right of first offer to purchase the stock. The trust will have no obligation to sell the shares within a specific or pre-determined period of time. The new alliance deal presented to investors in London in February followed months of tense negotiations that nearly collapsed late last year due to sticking points on intellectual property and disagreement over the valuation of RenaultÂ’s electric-vehicle and software arm Ampere, in which Nissan has agreed to invest. The alliance dates back to 1999, when Renault rescued Nissan with a cash injection and the two formed one of the biggest auto partnerships in the industry. Rivalries and mutual suspicion mounted over the years and came to a head when former leader Carlos Ghosn openly contemplated merging the two companies, contributing to his downfall.

Nissan may take control of struggling Mitsubishi Motors

Update: The reports were largely correct. Nissan will take a 34 percent stake in Mitsubishi for roughly $2.2b. Read all about it here. Reports say Nissan will buy a controlling stake in Mitsubishi Motors, either 30 or 34 percent, for about 200 billion yen or $1.84 billion. Nissan and Mitsubishi motors are currently part of a joint venture, NMKV, to build minicars together. Nissan is also responsible for reporting fuel-economy discrepancies with cars built under the joint-venture agreement, which put Mitsubishi in its current weakened state. Earlier today, reports surfaced that the fuel-economy issues were wider ranging than originally thought. Mitsubishi now admits that all of its Japanese-market cars sold since 1991 could have had faked fuel-economy data. Shares of Mitsubishi Motors have dropped by about half since the scandal was uncovered, opening the door for a takeover. While Nissan is a much larger company, it can benefit from Mitsubishi's 60-percent share of Japan's minicar market. The two companies also had plans to build electric vehicles together in the joint venture. Japan's Nikkei reports that talks are ongoing between the company and that a decision could be made Thursday by the companies' boards. Related Video: News Source: Nikkei Green Mitsubishi Nissan

Nissan recalls 2015 Murano over ABS actuators

A problem discovered with its anti-lock brakes has prompted Nissan North America and the National Highway Traffic Safety Administration to issue a recall for the 2015 Murano crossover. The problem revolves around the actuators for the ABS, whose solenoid valves may be contaminated. That could, according to the recall notice below, cause the hydraulic brake pressure to either build up or drop completely, potentially destabilizing the vehicle and increasing the risk of a crash. The issue affects an estimated 9,614 units in the United States - plus another 116 in Puerto Rico and 839 in Canada - specifically those built between December 4, 2014, and March 17, 2015. The owners of those vehicles will need to take their Muranos in to their local dealers to have the ABS actuators inspected, and if necessary, replaced. The recall is slated to commence in early August, but in the meantime, dealers have been ordered to stop selling those vehicles affected until they can be attended to. Nissan spokesman Dan Passe confirmed to Autoblog that no accidents or injuries were reported to have resulted from the issue being addressed. At the same time, Nissan has also announced a second, much smaller recall for another of its crossover models. This one affects the 2015 Rogue Select – specifically those manufactured between November 17, 2014, and December 12, 2014, and fitted with 17-inch wheels. That, according to NHTSA, amounts to just 110 units, whose tires may be incorrectly labeled. To fix it, Nissan will be sending owners new labels with the correct payload information in compliance with federal regulations. Related Video: RECALL Subject : ABS Actuator may Malfunction Report Receipt Date: JUN 10, 2015 NHTSA Campaign Number: 15V364000 Component(s): SERVICE BRAKES, HYDRAULIC Potential Number of Units Affected: 9,614 Manufacturer: Nissan North America, Inc. SUMMARY: Nissan North America, Inc. (Nissan) is recalling certain model year 2015 Murano vehicles manufactured December 4, 2014, to March 17, 2015. These vehicles are equipped with Anti-Lock Braking System (ABS) actuators which may have contamination in the solenoid valves, potentially affecting the valves' ability to completely close and allow a build up of hydraulic brake pressure, or fully open and allow the hydraulic brake pressure to completely drop.