Gide Loyrette Nouel and its associated firm in Turkey, Ozdirekcan Dundar Şenocak has advised Renault on the renewal of its strategic partnership with OYAK in Turkey, extending their joint venture relationship.
Turkey is Renault Group's sixth largest market worldwide, Gide reports, "with the OYAK-Renault joint venture ranking top in passenger car exports in Turkey." According to the firm, "the extension of this historic partnership is thus expected to further provide significant added value to the Turkish economy."
According to Gide, the agreements that were signed on June 26, 2018 "start a new page in Renault's nearly 50-year history in Turkey, as they regulate the new terms of the joint venture relationship, including the manufacturing by OYAK-Renault of Renault and Dacia vehicles, their parts and spare parts, as well as their commercialization by MAİS on the Turkish market."
The agreements bring no change to the shareholding structure of the joint venture companies, Gide reports. "Renault still holds 51% and OYAK 49% of the share capital of manufacturing entity OYAK-Renault, while OYAK holds 51% and Renault 49% of commercial entity MAİS.
The Gide team was led by Partner Arpat Senocak and Associate Yavuz Akcakaya.