The Netherlands and France will together buy two rare Rembrandts for a total of €160m (£118m), the Dutch culture minister has announced, after the two countries defused a potential bidding war.

The 17th-century paintings, which belong to the Rothschild banking family and have rarely been seen in public, will alternate between the Rijksmuseum in Amsterdam and the Louvre in Paris, Jet Bussemaker said in a letter to the Dutch parliament.