Following a Renault Board of Directors meeting in Paris, and a Nissan Board of Directors meeting in Tokyo on December 11, 2015, Renault and Nissan Motor Co issued a statement stating that both companies have agreed to strengthen their partnership.

The Renault-Nissan Alliance is a strategic partnership between Paris-based Renault and Japan-based Nissan, which together sell one in 10 cars worldwide. The Alliance has strategic collaborations with automakers including Germany’s Daimler, Japan’s Mitsubishi, China’s Dongfeng, and India’s Ashok Leyland.

“Today was an important day for the future of the Renault-Nissan Alliance. After months of discussions, I am happy to say that an agreement has been reached that builds on our heritage and strong foundations to achieve further sustainable growth and success of the two partners. While there were important short-term issues to address, it was imperative that all involved took a long view,” read the statement from Carlos Ghosn, Chairman and Chief Executive Officer of the Renault-Nissan Alliance.

“I want to thank all parties involved in helping us reach today’s agreement for their hard work, constructive spirit and business vision. We now look forward to all parties returning their focus to day to day operations to pursue sustainable growth for Renault and Nissan and to increase performance through additional Alliance synergies,” added Ghosn.

The agreement is based on the following three points: The principle of the French government’s double voting rights within Renault to be maintained as of April 1, 2016, and a contract between the French government and Renault caps the French government’s voting rights at 17.9 per cent, up to 20 per cent in case of an unusually high quorum at the shareholders general meeting; no enfranchisement of Nissan shares in Renault; and a contract between Renault and Nissan providing for non-interference in Nissan’s governance by Renault.