Renault-Nissan, Daimler unveil tie-up plan

BRUSSELS (AP) - Renault SA and Nissan Motor Co. have unveiled a wide-ranging three-way tie-up with German automaker Daimler AG to bolster their offerings in small, energy-efficient vehicles.

The move comes amid an industry slump that has ravaged the companies' earnings.

The partnership will be sealed with a cross-shareholding giving each company a 3.1 percent stake in the others, the companies said in a statement Wednesday.