Renault Chairman Faces Investors As Nissan Partnership FaltersYAHOO! #French_Government

Renault Chairman Faces Investors As Nissan Partnership FaltersYAHOO! #French_Government

June 12, 2019 0 By NewsTakers

He praised the strength, solidity and pragmatic nature of their relationship and vowed to eliminate all “reasonable doubt” about the durability of the alliance.
On Wednesday, Renault shareholders will gather in the same cavernous hall in the French capital and again consider the company’s relationship with Nissan.
The two sides are sparring over governance changes at Nissan, an apparent tit-for-tat after it refused to support the Fiat deal.
Senard is still smarting from the unraveling of that merger effort.
In a dramatic move, the Italian company pulled its offer after the French government — Renault’s most powerful shareholder — sought a delay in talks to persuade Nissan to explicitly support the deal.
Senard has since threatened in a letter to block critical governance changes at Nissan’s shareholder meeting on June 25.
Senard, like Ghosn before him, has sought to solidify the partnership with Nissan by pushing for a merger — overtures the Japanese company rebuffed.
The French government and Fiat have left the door open for a rekindling of talks, but the strained relations between Renault and Nissan make the prospect appear remote.
At Wednesday’s meeting, Renault shareholders will be asked to ratify the appointment of Senard as a director to replace Ghosn, who was on the board for 17 years and is now under house arrest in Tokyo awaiting trial.
To contact the reporters on this story: Tara Patel in Paris at tpatel2@bloomberg.net;Ania Nussbaum in Paris at anussbaum5@bloomberg.net

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