The joint announcement capped nearly four months of intense talks that sources told Reuters were complicated by concerns about the sharing of intellectual property as Renault sought tie-ups with companies outside their alliance.
The deal, still subject to board approvals, will see Renault reduce its stake in Nissan to 15% from around 43%, it said. That will see Renault put around 28% of the Japanese automaker in a French trust, crucially making the two more equal partners.
Their unequal relationship had long been a source of friction among Nissan executives. While Renault bailed out Nissan two decades ago, it is the smaller automaker by sales.
The alliance, which was also includes junior partner, Mitsubishi Motors Corp, was deeply strained by the ouster of its architect and former chairman, Carlos Ghosn, amid financial scandal.
Nissan and Renault will now have a 15% cross-shareholding that will allow Nissan to exercise its voting rights, which it was…