Renault is reducing its stake in Nissan as part of a major reshuffle deal

Nissan and Renault have agreed to level interests they have in each other, the two companies said Monday, smoothing over a source of conflict in the Japan-French auto alliance.

Until now, Renault Group had a 43.4 percent stake in Nissan Motor Co., potentially giving it more say in how the Japanese automaker is run. It will transfer shares equal to a 28.4 percent stake to a French trust, so that both parties will hold the same 15 percent stake in the other, according to the companies.

The disparity between the companies caused friction, especially after Nissan became much more profitable than Renault.

The agreement on the change is still being finalized and must be approved by both companies.

The companies said shares in the French trust may eventually be sold, but did not say to whom or how. They said the sale will be conducted in a “coordinated and orderly process” if a deal makes commercial sense for Renault Group, and that there is no time limit.

Until then, voting rights would be “neutralized” for most management decisions, but economic rights, such as dividends, will continue to go to Renault, the companies said.

Renault’s largest shareholder is the French government. Japanese Prime Minister Fumio Kishida met French President Emmanuel Macron earlier this month.

For more information, watch Euronews’ report in the video above.