(Bloomberg) -- Renault SA directors agreed to a landmark deal to rebalance the carmaker’s troubled two-decade alliance with Japanese partner Nissan Motor Co., according to two people familiar with the situation. 

The board meeting, held late on Sunday, will be followed by a meeting of Nissan directors in the early European morning Monday, said the people, who asked not to be identified discussing private matters. 

Shortly after the vote, Renault, Nissan and junior partner Mitsubishi Motors Corp. are scheduled to hold a joint alliance press conference in London.

A spokesman for Renault declined to comment on the outcome of Sunday’s meeting. 

Renault and Nissan late last month laid out the outline of their agreement on a deal to rebalance cross-capital ties and cooperation on future projects. The deal is aimed at moving the troubled relationship forward at a time of crucial challenges for the automotive industry.

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