Nissan directors said to endorse steps to reach Renault deal

TOKYO — Nissan’s board reviewed a proposal from Renault on Monday and backed pushing final terms for a restructured partnership with its French partner, two people familiar with the matter said Reuters. told to

Renault Chief Executive Luca de Meo is scheduled to travel to Japan this month to meet with Nissan Chief Executive Officer Makoto Uchida, and the two companies will discuss their restructured partnership in October. It will be the second visit since talks began, the official said.

After three months of working-level negotiations aimed at restructuring a partnership that dates back to 1999, when Renault bailed out Nissan, Nissan’s board-level review also showed progress.

On Monday, Uchida briefed Nissan’s outside directors on progress in negotiations, including a recent proposal from Renault aimed at addressing Japanese automakers’ concerns about protecting technology, including hybrid systems, the meeting said. A person familiar with the matter told Reuters.

Nissan’s outside directors met at a committee and supported measures to reach an agreement between the two sides, they said.

The officials requested anonymity because the negotiations are ongoing and confidential. Nissan declined to comment, but Renault did not respond to a request for comment.

Reuters reported on Friday that Nissan’s board will meet to consider a proposal from Renault.

The two companies are considering reducing Renault’s stake in Nissan from the current 43% to 15%. This is the same as Nissan’s investment in Renault. The 28% stake Renault sells in Nissan will go to a trust, people familiar with the matter said.

At the same time, Nissan is considering investing in a new electric vehicle company that Renault is aiming to create, codenamed Ampere.

One complicating issue is Nissan’s concerns over its handling of intellectual property, including EV-related technology, which it believes is important to Nissan’s own future competitiveness, said people involved in the discussion. rice field.

Renault has provided proposals intended to address those concerns, which have been communicated by Uchida to a committee of Nissan’s board of directors, said a third party with knowledge of the discussions. did not immediately understand.

The French government, Renault’s largest shareholder with a 15% stake, has approved Renault’s restructuring.

Separately, Renault is working to finalize a deal with China’s Geely Automobile Holdings to bring Saudi state oil company Aramco on board as an investor and partner in the development of gasoline engines and hybrid technology. three people familiar with the negotiations told Reuters.

Nissan has been wary of technology developed during its partnership with Renault leaking to Chinese and other automakers as Renault restructures, people involved in the negotiations said.

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