Getting together: Daimler and Renault get set to launch an alliance to build small cars

It's a three-way tie up in the auto industry. The carmaking giants Daimler, Renault and its partner, Nissan, have announced a strategic alliance. Renault-Nissan will take a 3 point 1 percent stake in Daimler, while Daimler will take 3 point 1 percent of Renault and 3 point 1 percent of Nissan. They will also share technological know-how. The move is part of a general global trend in the car industry as manufacturers try to consolidate.