Skip to main content
Sister Publication Links
  • Automotive News
  • Automobilwoche
  • Automotive News Canada
  • Automotive News China
Subscribe
  • Subscribe
  • Newsletters
  • Login
  • HOME
    • Latest news
    • Automakers
    • Suppliers
    • New Product
    • Environment/Emissions
    • Sales By Market
    • On The Move
    • Auto Shows
    • Munich Auto Show
    • Geneva Auto Show
    • Paris Auto Show
    • Beijing Auto Show
    • Shanghai Auto Show
  • Features
    • Long Read
    • Interview of the Month
    • Focus on Electrification
    • Focus on Technology
    • Segment Analysis
    • Cars & Concepts
    • Supplier Spotlight
    • Europe By The Numbers
  • Opinion
    • Blogs
    • Commentary
    • Guest columnists
  • Photos
    • Photo Galleries
    • Geneva Photo Gallery
    • Beijing Photo Gallery
    • Frankfurt Photo Gallery
    • Paris Photo Gallery
    • Shanghai Photo Gallery
  • Podcasts
  • Car Cutaways
  • EVENTS
    • ANE Congress
    • ANE Rising Stars
    • ANE Eurostars
  • More
    • Publishing Partners
    • Social Media
    • Contact Us
    • Media Kit
    • About Us
    • Capgemini: All or nothing: Why circular business models require a holistic approach
    • Capgemini: Invent Head on automotive takeaways from CES 2023
    • Capgemini: Securing the industry's future through a radical rethink
    • Capgemini: Succeeding with the automated driving journey through AI
    • Capgemini: The circular economy is spurring new thinking on EV batteries
    • Capgemini: Toyota and Capgemini leaders on how OEMs can handle industry changes and succeed
    • HEXAGON: Plugging into data is the only way to make winning EVs
    • TUV Rheinland: Ideas, services and certifications for smart mobility
    • TUV Rheinland: Testing of automated and autonomous vehicles on test tracks
    • Toyota Europe
    • UFI Filters
    • Facebook
    • Instagram
    • LinkedIn
    • Twitter
MENU
Breadcrumb
  1. Home
  2. Automakers
January 20, 2019 04:07 AM

France downplays a Renault-Nissan merger

Bloomberg
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    France’s finance minister, Bruno Le Maire, said there is no plan to remodel the alliance between Renault and Nissan, even as the Nikkei newspaper reported that Paris wants to integrate the automakers in a structure that would probably create a single holding company.

    A delegation including Martin Vial, a Renault director designated by the French government, visited Japanese officials in Tokyo to discuss the plans, Nikkei reported, without saying where it got the information. Renault also wants to appoint Nissan’s next chairman following the arrest of Carlos Ghosn, the newspaper said.

    Ghosn was reportedly planning a merger between the two automakers before his arrest, Nikkei said.

    However Le Maire, downplayed any Renault-Nissan merger in a newspaper interview. "No shareholding re-balancing or modification of cross shareholdings between Renault and Nissan are on the table," Le Maire told Journal du Dimanche.

    France wants “solid and stable” governance at the helm of Renault, he said.

    According to people close to the delegation, the discussions focused on ways and ideas to cement the Renault-Nissan alliance, with the creation of a holding company being one of the options. The people emphasized that no proposal was made during the meeting and it’s too early to discuss concrete plans, asking not to be identified because the deliberations are confidential.

    While Nissan wants to maintain the partnership, it will likely resist any push toward a full merger of the two automakers, another person familiar with the matter said.

    Another source familiar with Nissan's thinking said the reported French proposal did not "make sense" given the two companies' different cultures, Renault's lower productivity and Nissan's bigger contribution of key technology.

    Nissan CEO Hiroto Saikawa said on Monday that he had not heard directly about a proposal to integrate the Japanese automaker's management with Renault. It was not the time to discuss revising the partners' capital ties, he said. Asked about future capital ties, Saikawa said: "We are not at the stage for such discussions."

    A Renault spokesman declined to comment.

    Two months after Ghosn's arrest, Nissan is weighing abolishing the chairman role as it steps up reforms to rebuild governance. The scandal has also strained the company’s partnership with Renault, a union held together by Ghosn for two decades.

    Tension has been rising between Nissan and Renault over their respective powers within each other’s boardrooms. Through complicated cross shareholdings, Renault owns 43 percent of Nissan, which in turn owns 15 percent of the French automaker. Last month, Renault said it planned to name a new director to the board of Nissan and safeguard power within their alliance.

    The French government is Renault's largest shareholder with a 15 percent stake and two board seats. The government has requested Renault hold a board meeting in coming days to replace Ghosn from the roles of chairman and CEO at Renault.

    Le Maire said Michelin CEO Jean-Dominique Senard could be a good choice to head Renault. "The French state, as shareholder, will have its say. What I can tell you, is that Jean-Dominique Senard has a renowned competence with regards to the automobile industry," Le Maire told Journal du Dimanche.

    Ghosn is accused of financial crimes that could put him behind bars for decades. The exceutive has been indicted for understating his income at Nissan by tens of millions of dollars and transferring personal trading losses to the automaker. Nissan claims Ghosn misused company funds, including for homes from Brazil to Lebanon, and hired his sister on an advisory contract.

    Reuters contributed to this report

    RECOMMENDED FOR YOU
    VW's potential battery IPO attracts high investor interest, top shareholder says
    Recommended for You
    VW Battery production
    VW's potential battery IPO attracts high investor interest, top shareholder says
    cupra-born_01.jpg
    VW's Cupra brand weighs entering U.S. market with larger EVs
    The Ford Mach-E
    Ford expects to lose $3B on EVs this year
    Sign up for free newsletters
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    Get Free Newsletters

    Sign up and get the best of Automotive News Europe delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    SUBSCRIBE TODAY

    Get 24/7 access to in-depth, authoritative coverage of the auto industry from a global team of reporters and editors covering the news that’s vital to your business.

    SUBSCRIBE NOW
    Connect with Us
    • Twitter
    • Facebook
    • LinkedIn
    • Instagram

    Founded in 1996, Automotive News Europe is the preferred information source for decision-makers and opinion leaders operating in Europe.

    Contact Us

    1155 Gratiot Avenue
    Detroit MI  48207-2997
    Tel: +1 877-812-1584

    Email Us

    ISSN 2643-6590 (print)
    ISSN 2643-6604 (online)

     

    Resources
    • About us
    • Contact Us
    • Advertise with us
    • Advertise with Us
    • Ad Choices Ad Choices
    • Sitemap
    Awards
    • Rising Stars
    • Eurostars
    • Leading Women
    Legal
    • Terms and Conditions
    • Privacy Policy
    • Privacy Request
    Automotive News Europe
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • HOME
      • Latest news
      • Automakers
      • Suppliers
      • New Product
      • Environment/Emissions
      • Sales By Market
      • On The Move
      • Auto Shows
        • Munich Auto Show
        • Geneva Auto Show
        • Paris Auto Show
        • Beijing Auto Show
        • Shanghai Auto Show
    • Features
      • Long Read
      • Interview of the Month
      • Focus on Electrification
      • Focus on Technology
      • Segment Analysis
      • Cars & Concepts
      • Supplier Spotlight
      • Europe By The Numbers
    • Opinion
      • Blogs
      • Commentary
      • Guest columnists
    • Photos
      • Photo Galleries
      • Geneva Photo Gallery
      • Beijing Photo Gallery
      • Frankfurt Photo Gallery
      • Paris Photo Gallery
      • Shanghai Photo Gallery
    • Podcasts
    • Car Cutaways
    • EVENTS
      • ANE Congress
      • ANE Rising Stars
      • ANE Eurostars
    • More
      • Publishing Partners
        • Capgemini: All or nothing: Why circular business models require a holistic approach
        • Capgemini: Invent Head on automotive takeaways from CES 2023
        • Capgemini: Securing the industry's future through a radical rethink
        • Capgemini: Succeeding with the automated driving journey through AI
        • Capgemini: The circular economy is spurring new thinking on EV batteries
        • Capgemini: Toyota and Capgemini leaders on how OEMs can handle industry changes and succeed
        • HEXAGON: Plugging into data is the only way to make winning EVs
        • TUV Rheinland: Ideas, services and certifications for smart mobility
        • TUV Rheinland: Testing of automated and autonomous vehicles on test tracks
        • Toyota Europe
        • UFI Filters
      • Social Media
        • Facebook
        • Instagram
        • LinkedIn
        • Twitter
      • Contact Us
      • Media Kit
      • About Us