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Renault-Nissan and Daimler announce strategic cooperation

7 April 2010

The Renault-Nissan Alliance and Daimler AG today announced a strategic cooperation focused on the small and compact car segment, sharing and co-development of diesel and gasoline engines, and collaboration in the field of light commercial vehicles. The two groups also announced an equity exchange that will give the Renault-Nissan Alliance a 3.1% stake in Daimler and Daimler a 3.1% in Renault and a 3.1% stake in Nissan.

The specific projects that will be implemented with “immediate effect” include:

Both groups will also study potential future areas of cooperation, including opportunities in shared modules and components between Infiniti and Mercedes-Benz vehicles; regional cooperation in the United States, China and Japan; and co-development of electric vehicles and batteries.

The cooperation agreement includes an equity exchange based on the principle of a 3.1/3.1/3.1 percentage cross-holding between Renault, Nissan and Daimler. On April 6, the market capitalization of Renault, Nissan and Daimler were EUR 10.5 bn, EUR 29.7 bn and EUR 37.7 bn, respectively.

The strategic cooperation will be managed by Renault-Nissan B.V. for the Alliance and Daimler through a new cooperation committee co-chaired by Carlos Ghosn, Chairman and CEO of Renault-Nissan Alliance, and Dieter Zetsche, Chairman of the Board of Management of Daimler, and steered by senior executives of the three companies.

Source: Renault