The Commission admits to having not disclosed any details regarding the aid's conformity with the internal market.
In the second quarter of 2024, Renault Group saw a significant change in its stake in Nissan following a series of divestments.
During the period from April 1 to June 30, 2024, Renault Group reduced its direct ownership of Nissan shares. This reduction was a result of two major divestments, one announced on March 28, 2024, and another on December 13, 2023.
The first divestment involved the sale of 211 million Nissan shares, while the second divestment saw the sale of 99.1 million shares. These divestments were reported by Nissan under Japanese accounting standards.
The average exchange rate for the quarter was 167.8 yen per euro, which means that the sale of these shares would have generated a substantial amount in euros. However, no search results provide information about which institution contributed a positive 38 million euro to Renault Group's net result for the second quarter of 2024.
Despite these divestments, Renault Group's stake in Nissan's capital is still significant. As of June 30, 2024, Renault Group's stake comprises 38.92% of Nissan's capital. This stake consists of 16.19% direct Nissan shares and 22.73% shares held in the French trust of which Renault Group is the beneficiary.
It is worth noting that the shares acquired through these buybacks by Nissan have been cancelled, further reducing Renault Group's stake in Nissan.
The result of Nissan's first quarter for the fiscal year 2024/2025, after IFRS adjustments, contributed €38 million to Renault Group's second quarter 2024 net result.
The interest rate as of June 30, 2024, was 39.1%. This rate, along with the changes in Renault Group's stake in Nissan, will undoubtedly have implications for both companies moving forward.
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