TOKYO: Nissan Motor Co and Renault SA have reached an agreement to lower the French automaker’s stake in the Japanese carmarker to 15% from 43%, the Nikkei business daily reported on Monday.

The two companies are set to release a statement later on Monday, the newspaper said.

Nissan has also agreed to invest in Renault’s new battery-electric unit that is being spun out of the carmaker, the Nikkei said.

Renault, Nissan aim to announce deal on reshaped alliance on Feb 6

Renault has been looking for Nissan to invest in that business, while Nissan wants Renault, its top shareholder, to sell down its stake and put the 23-year-old alliance on more equal footing, Reuters has reported.