Renault and Nissan announced last week they would tighten capital links and create a new joint management structure by mid-2002.
* Nissan acquires a 15 percent stake in Renault, buying new shares with no voting rights. Cost: E1.5 billion.
* Renault boosts its Nissan stake to 44.4 percent from 36.8 percent, exercising warrants to buy new shares at 400 yen (E3.6) each.
* French government cuts its Renault stake to 25 percent from 44.2 percent at an unspecified time.
* Renault and Nissan establish joint-management structure called RN BV under Dutch law to handle strategic planning, common products and financial policy. Headquarters: Paris and Tokyo. Renault always has tie-breaking vote.
* If a third party seeks to buy either Renault or Nissan, RN BV control reverts to a foundation, which decides the offer.
* Renault shifts all assets except Nissan stake to a new holding company.
* Renault and Nissan add another non-executive member on each other's board: Ghosn goes to Renault's board and Renault Chief Financial Officer Shemaya Levy goes to Nissan's.