Posted January 26, 2023, 6:17 PMUpdated January 26, 2023, 6:18 PM
This time, we are almost there. After months of negotiations, the board of the Renault-Nissan-Mitsubishi Alliance on Thursday approved a plan to reform the relationship between the three manufacturers. It still remains to get approval within a few days of the three boards of directors (which should no longer cause problems), before formalizing quickly.
This is scheduled for Monday, February 6, the Reuters organization gives the development, the three companies refuse to comment. The window of opportunity is very narrow: the leaders of Mitsubishi must be in Japan on February 3 to present the group’s quarterly results, and those of Nissan must do the same on the 9th. few chances to bring everyone together in Europe between these two dates. .
See you in London
The presentation should be made in London, to reach financial analysts more easily (most are in the City). Nissan also seems to be aware that this agreement, which should put it on an equal footing with Renault in the union regime, is presented on a “neutral” basis, and not in Paris.
A sign that the case was heard, Renault president Jean-Dominique Senard and general manager Luca de Meo were able to save a trip to Japan: the union council meeting was held by videoconference, each remaining at home. As reported by “Les Echos”, concrete steps were taken on January 9, when the French State showed its official support for the operation, then on the 17th, when the independent directors of Nissan decided to support the project together.
The rebalancing of cross-voting rights (increased to 15% on each side), the creation of a trust to handle Renault’s additional shares in Nissan, the acquisition of shares by the Japanese manufacturer in the future of its French partner dedicated to electric vehicles . The main conditions of this “union 2.0” are already known.
Now it remains to be seen what joint projects the two producers intend to launch thanks to the dissolution of their relationship. On the French side, the prospect of this effective cooperation was a sine qua non for persuading the State shareholder to agree to rebalance the administration.
Partnerships in India and beyond
When the negotiations started last year, Luca de Meo and his teams identified about ten promising projects, which could give Losange additional portfolios and increased presence outside Europe. Those who are selected will be unveiled in London.
The track for increased cooperation in India, the world’s fourth largest car market, already looks certain: the two manufacturers have a joint factory there, capable of producing 400,000 cars a year. In addition, Nissan, which has just dropped its Datsun brand, no longer has a domestic offer. But cooperation in other geographical areas should also be announced.