Renault Chairman Senard ‘begs’ for trust of skeptical Nissan shareholders

YOKOHAMA, Japan -- Renault Chairman Jean-Dominique Senard begged skeptical Nissan shareholders to believe he has the automaker’s best interests at heart, while arguing that the scrubbed merger between Renault and Fiat Chrysler Automobiles would have delivered big benefits to the Japanese partner too.

Speaking at Nissan’s annual shareholders’ meeting, Senard said he harbored no hidden agenda to enrich Renault at the expense of Nissan, which the French company controls with a 43 percent stake. His top priority, he insisted, was restoring trust between the estranged companies.

“I beg you to believe me on that. There was obviously no aggressive intention,” a visibly emotional Senard told some 2,800 shareholders gathered at the June 25 meeting.

“The last thing that came in my mind was to be aggressive toward a company of which I am a director. I beg you to believe me on that,” he said. “There are no bad intentions at all.”

Senard’s comments came amid a barrage of barbed shareholder backlash, doubting his loyalty to the company, questioning his plan to merge Renault and FCA and calling him out on the fact that he, as Nissan’s newly appointed vice chairman, owns no Nissan shares.

One shareholder, who said he feared a foreign takeover of Nissan, took a nationalistic dig, saying “French people” often hide true intentions behind a smiling facade. “They are really sly,” he said.

Senard asserted he has plans to purchase Nissan shares and argued that he has done “everything I could” to mend strained relations following last year’s arrest of former Chairman Carlos Ghosn.

The November arrest of Ghosn, who served as chairman of both Renault and Nissan, threw the automotive alliance into disarray amid swirling distrust and jockeying for control.

Senard also defended the proposed Renault-FCA merger. That deal fell apart earlier this month after the French government, Renault largest-single shareholder, asked for more time to win Nissan’s backing.

Nissan reportedly had planned to abstain from supporting a merger.

Senard said Nissan missed a golden opportunity to cash in on a blockbuster tie-up.

“This project, at the time, was incredibly beneficial to Nissan. That is the truth and reality. It would have been a wonderful project for Nissan and the alliance,” he said. “In my mind, it was only a way to enhance and strengthen the alliance in the future. There was a wonderful benefit for this wonderful company of Nissan, notably in North America but not only.”

In the end, Nissan’s rivals are having the last laugh, Senard warned.

“You know who was very pleased after the announcement that this deal was stopped? All our competitors in the world,” Senard said. “They understood that if this deal had gone through, it would have been a very, very strong feature for the alliance. And now that it’s behind, they are very, very happy because it’s a lost opportunity.”