Renault CEO Bollore has no plans to reduce Nissan stake

By Munsif Vengattil NEW DELHI (Reuters) - Cutting its stake in alliance partner Nissan is not on Renault's agenda, the French carmaker's chief executive Thierry Bollore said on Wednesday after a global vehicle launch in New Delhi. Renault and Fiat Chrysler (FCA) are looking for ways to resuscitate a failed merger plan and secure Nissan's approval, Reuters reported this month.

Reuters June 20, 2019 00:06:13 IST
Renault CEO Bollore has no plans to reduce Nissan stake

Renault CEO Bollore has no plans to reduce Nissan stake

By Munsif Vengattil

NEW DELHI (Reuters) - Cutting its stake in alliance partner Nissan is not on Renault's agenda, the French carmaker's chief executive Thierry Bollore said on Wednesday after a global vehicle launch in New Delhi.

Renault and Fiat Chrysler (FCA) are looking for ways to resuscitate a failed merger plan and secure Nissan's approval, Reuters reported this month.

As part of the fallout of the collapse of talks, Nissan is poised to urge Renault to significantly cut its 43.4% stake in the Japanese carmaker, two people told Reuters.

"This is not at all our agenda," Bollore told reporters in New Delhi on Wednesday when asked if Renault would reduce its stake in Nissan to get a deal with FCA.

"For us it is so important that we continuously improve our alliance. Not only for now, but also for the future and this is the mindset which we are in, and these are the discussions we have with our partners," Bollore said after the global launch of Renault's Triber multi-purpose vehicle.

Bollore said the alliance partners planned to meet in early July and while he declined to disclose the agenda, he added that it would be "massive".

The 20-year-old partnership between Nissan and Renault has been strained since the alliance's former chairman Carlos Ghosn was arrested for suspected financial misconduct in November. Ghosn denies any wrongdoing.

The alliance was plunged further into crisis this month as Renault's demand for a greater say in Nissan's governance drew rare public censure by the Japanese automaker.

Nissan is due to hold a shareholder meeting to vote on its overhauled governance structure on June 25. Bollore said Renault would participate, but the talks were private.

Renault and FCA were in $35 billion merger talks until the Italian-American carmaker withdrew after the French government, Renault's biggest shareholder, blocked a vote by its board and demanded more time to win Nissan's backing.

Bollore said there is no offer from FCA on the table and declined to comment on the role of the French government.

(Reporting by Munsif Vengattil; Writing by Aditi Shah; Editing by Alexander Smith)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

India considers emergency authorisation of vaccine as COVID-19 cases surge
World

India considers emergency authorisation of vaccine as COVID-19 cases surge

By Rajendra Jadhav MUMBAI (Reuters) - India said on Sunday it was considering granting an emergency authorisation for a COVID-19 vaccine, particularly for the elderly and people in high-risk workplaces, as the country's number of reported infections passed 4.75 million. India, which has consistently reported over 1,000 COVID-19 deaths daily this month, has now recorded 78,586 fatalities from the disease. It lags only the United States globally in overall number of infections, but it has been adding more daily cases than the United States since mid-August

Would-be Merkel successor Laschet loses ground in local election win
World

Would-be Merkel successor Laschet loses ground in local election win

BERLIN (Reuters) - Germany's Christian Democrats were set for an election win in the western state of North Rhine-Westphalia on Sunday, an exit poll showed, but their share of the vote shrank, denting state premier Armin Laschet's ambitions to succeed Chancellor Angela Merkel. Laschet, who is positioning himself as the continuity candidate to succeed Merkel, had hoped to increase the Christian Democrats' share of the vote in the local elections to boost his standing ahead of a December party leadership showdown

Peru bid to oust president loses steam as opposition splits
World

Peru bid to oust president loses steam as opposition splits

By Marco Aquino LIMA (Reuters) - A bid by the opposition-led Congress to remove Peruvian President Martín Vizcarra appeared to falter on Sunday, after key political leaders rejected the ouster over fears the upheaval would plunge the country into a political crisis. César Acuña, head of the second-largest party in Congress and a possible candidate in 2021 presidential elections, said an ouster would "aggravate" the country's current situation, already fragile from the impact of the coronavirus crisis. Acuña's party had given key votes last Friday to start impeachment proceedings against Vizcarra over leaked audio tapes some lawmakers said showed the president trying to downplay ties to a singer being probed over government contracts