APRILASIA BUSINESS OUTLOOK9Renault has disclosed plans to divest approximately 2.5 percent of its stake in Nissan shares to the Japanese automaker in a transaction that could yield up to 362 million (US$392 million), the French company announced on Wednesday. This move marks Renault's second share sale as part of its strategy to reduce its stake in Nissan from approximately 43 percent to 15 percent as the two companies reconfigure their longstanding partnership. Previously, Renault had sold a 5 percent stake in Nissan back to the Japanese company in December.The latest divestment involves up to 100,242,900 Nissan shares, representing part of the 24.63 percent stake in Nissan's capital that Renault has placed into a French trust. This share sale will be executed within the framework of a share buyback program initiated by Nissan, Renault clarified.Renault emphasized that this transaction aims to accelerate deleveraging efforts and demonstrates the company's commitment to restoring an investment-grade rating. Additionally, Renault retains the option to sell an additional 180,447,100 Nissan shares that were offered but not repurchased by Nissan to third parties over a 180-day period.Under an agreement reached last year to restruc-ture their alliance, Renault and Nissan aim to establish cross-shareholdings of 15 percent. This move represents another step in their collaborative efforts to realign their partnership and streamline their operations. Luxury sports car manufacturer Ferrari has initiated a preliminary agreement with its electric vehicle (EV) battery supplier SK On to expand their collaboration further. SK On, based in South Korea, has been supplying battery cells for Ferrari models since 2019, including for prestigious vehicles such as the SF90 Stradale, Ferrari's first hybrid vehicle, as well as the more recent 296 GTB and 296 GTS, along with special series cars.Ferrari's Chief Executive Benedetto Vigna expressed enthusiasm about the partnership, stating, "We are working together with SK On to explore new frontiers."Recognized globally for its high-performance luxury sports cars, Ferrari has committed to unveiling its first fully electric model by late next year. This memorandum of understanding signifies a deepening of the collaboration between Ferrari and SK On, with plans to leverage each other's expertise and insights to expand their technological cooperation.According to a statement by SK On, the partnership aims to facilitate the exchange of valuable insights and expertise, fostering advancements in cell technology. However, specific details of the agreement were not disclosed. Overall, this collaboration underscores Ferrari's commitment to embracing electric vehicle technology while leveraging SK On's expertise to drive innovation in the field of EV batteries. NEWSROOMRENAULT TO DILUTE ITS HOLDING IN NISSAN BY OFFLOADING 2.5% EQUITYFERRARI TO SOURCE THEIR EV BATTERIES FROM SOUTH KOREA'S SK ON
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