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Nissan and Renault CEO Carlos Ghosn and Samsung Card President Yoo Suk-ryul met in Seoul on Saturday and made a provisional agreement to renew a cooperation contract for a further ten years.
The contract, originally due to expire in 2010, allows Renault Samsung Motors to use the Samsung brand name on the vehicles that it manufactures in South Korea.
Renault Samsung is 80.1 percent owned by the French auto giant Renault and 19.9 percent owned by South Korea's Samsung Card. The financial affiliate of the Samsung Group, however, does not participate in the management of the joint company.
Renault signed the contract to use the Samsung brand name when it took over Samsung Motors in 2000.
Renault Samsung pays 0.8 percent of its sales to Samsung in royalties. It paid Samsung some W20 billion last year (US$1=W949).
(englishnews@chosun.com )
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