Japan's Nissan Motor and its French partner Renault have finalized plans to rebalance their alliance. The boards of both companies agreed to change the shareholding structure to make the partnership more equal.

Renault will reduce its holdings of Nissan shares from the current 43 percent to 15, the same percentage the Japanese automaker has in its French partner.
Nissan will also hold up to 15 percent of Renault's new electric vehicle unit.

Uchida Makoto, President & CEO of Nissan Motor, says, "Equal partnership is an enabler of transformation. I'm very confident that this new structure will deepen mutual trust."

Renault Group CEO Luca de Meo said the deal is substantial and based on operational commonsense and business intention.

Nissan partnered with Renault in 1999 when the Japanese automaker was on the brink of bankruptcy. It received more than 600 billion yen, or about 5 billion dollars, in capital to rebuild its business.

But Nissan's sales have been larger than those of its French partner. The proceeds have boosted Renault's business for years, leading Nissan to call for an equal partnership.

Both firms have seen their market share decline in recent years. In 2017, the Nissan, Renault and Mitsubishi Motors alliance became the world's second-largest automaker in terms of sales, moving more than 10 million units.

But last year, they sold just over 6 million to finish in fourth place.