Automakers Renault and Nissan said on Monday they had agreed to further amend their two-decade-old partnership to allow for a reduction in their cross-shareholdings in a move aimed at helping Nissan's recovery.

Renault SA and Nissan Motor Co. agreed to further loosen their long-term alliance, giving the struggling Japanese automaker greater financial flexibility as it seeks a turnaround under a new chief executive officer.

Renault and Nissan agreed to tweak their 25-year partnership, opening the door to further share sales as Nissan continues to work through an extensive efficiency plan. The deal outlined Monday lowers the minimum required voting stake they must hold in each other to 10%,