Share

The Latest: Nissan questions future of alliance with Renault

Share

PARIS (AP) — The Latest on Fiat Chrysler’s proposal to merge with Renault (all times local):

6:50 p.m.

Renault is delaying a decision on whether to launch exclusive merger talks with Fiat Chrysler.

Renault’s board said Tuesday after meeting at its headquarters near Paris that it will meet again Wednesday to “continue to study with interest” Fiat Chrysler Automobiles’ merger offer.

The decision comes amid pressure from the French government and unions, and questions about what a merger would mean for Renault’s alliance with Japan’s Nissan and Mitsubishi.

Trending:
Prince Harry Named in Major Sex Trafficking Lawsuit Against Rapper

A Renault-Fiat Chrysler merger could reshape the global auto industry as it invests heavily in electric and autonomous cars. The merged company would be the world’s No. 3 carmaker, after Volkswagen and Toyota, and produce some 8.7 million vehicles annually.

___

5:55 p.m.

Nissan CEO Hiroto Saikawa is casting doubt on whether his company will be involved if alliance partner Renault and Fiat Chrysler move forward with a merger proposal.

Saikawa says in a statement Tuesday that the plan would “significantly alter” the structure of Nissan’s longtime alliance with Renault and would require a review of their relationship. The statement says Nissan will analyze its contractual relationships from the standpoint of protecting the company’s interests.

He also says adding Fiat Chrysler to the alliance could create new opportunities for collaboration and synergies.

Renault’s board is meeting Tuesday near Paris to discuss the Fiat Chrysler merger proposal and appears ready to approve it. A “yes” by Renault would start exclusive merger negotiations that would take about a year to finish.

___

9:30 a.m.

Related:
Former MSNBC Host Chuck Todd Furious After Network Hires Former RNC Chair Ronna McDaniel

French carmaker Renault looks set to give its approval to Fiat Chrysler’s merger offer.

The company’s board is meeting Tuesday afternoon at its headquarters outside Paris to decide on a deal that could reshape the global auto industry.

Renault is deciding whether to go ahead with merger negotiations to create the world’s third-biggest automaker, worth almost $40 billion, and combine forces in the race to make electric and autonomous vehicles.

The French government, which owns 15 percent of Renault, has held talks with the carmakers in recent days, and a government official says the “dynamic is positive.” The official said the merger would produce a Netherlands-based holding company with operational headquarters in France.

The deal poses questions about the future of Renault’s alliance with Nissan and Mitsubishi.

The Western Journal has not reviewed this Associated Press story prior to publication. Therefore, it may contain editorial bias or may in some other way not meet our normal editorial standards. It is provided to our readers as a service from The Western Journal.

Truth and Accuracy

Submit a Correction →



We are committed to truth and accuracy in all of our journalism. Read our editorial standards.

Tags:
Share
The Associated Press is an independent, not-for-profit news cooperative headquartered in New York City. Their teams in over 100 countries tell the world’s stories, from breaking news to investigative reporting. They provide content and services to help engage audiences worldwide, working with companies of all types, from broadcasters to brands. Photo credit: @AP on Twitter
The Associated Press was the first private sector organization in the U.S. to operate on a national scale. Over the past 170 years, they have been first to inform the world of many of history's most important moments, from the assassination of Abraham Lincoln and the bombing of Pearl Harbor to the fall of the Shah of Iran and the death of Pope John Paul.

Today, they operate in 263 locations in more than 100 countries relaying breaking news, covering war and conflict and producing enterprise reports that tell the world's stories.
Location
New York City




Conversation