Renault SA and Nissan Motor Co. updated their long-term alliance, paving the way for more share sales as the Japanese automaker remains under pressure to shore up its finances.

The deal lowers the minimum required voting stake they must hold in each other to 10%, from 15%.

Automakers Renault and Nissan said on Monday they had agreed to further amend their long-standing partnership to allow for a reduction in their cross-shareholdings to 10%, down from 15% previously. The move comes a day before Ivan Espinosa takes over as CEO of the struggling Japanese carmaker,