- This move from Renault is aimed at enhancing and ensuring further cooperation
- The proposed arrangement would have no impact on the existing RAMA and the cross-shareholding structure
French carmaker Renault has recently stated that the company is in talks with its Japanese partners Mitsubishi Motor and Nissan over a new alliance body for the three companies.
Renault confirmed in a statement that the company has begun discussions with its alliance partners Mitsubishi Motor Co., Ltd. and Nissan Motor Co., Ltd. regarding the establishment of a new alliance body for enhancing and ensuring further collaboration.
This arrangement being proposed, Renault further mentioned, would be having no impact on the existing RAMA (Restated Alliance Master Agreement), as well as the cross-shareholding structure, with both remaining in place. Recently, Renault, Mitsubishi and Nissan have allegedly planned to form a single board which would oversee the governance and operations of this alliance, as the automakers are trying to streamline their decision making.
Confirming earlier reports, Renault informed that talks on a new structure are currently taking place. The group would replace two separate Amsterdam-based alliance entities, Nissan-Mitsubishi BV and Renault-Nissan BV, sources familiar with the matter said.
One of the sources said that Jean-Dominique Senard, Chairman of Renault, would probably chair the new committee, however, spokesmen for Mitsubishi and Nissan declined to comment. These three automakers would be holding a joint press conference on Tuesday at the headquarters of Nissan, in Yokohama, Japan.
Sources added that this alliance plan is aimed at promoting more balanced decision-making represented by Senard, Mitsubishi Motors CEO Osamu Masuko and Nissan CEO Hiroto Saikawa. Renault insisted that there would be no effect on the structure of cross-shareholding and the existence of the RAMA.
The current structure purportedly is seen as obscure and outdated in its functions, with own investigations of the carmakers finding that former Chairman Ghosn channeled money from the Dutch units. Ghosn, in turn, has said that the claims of improper payments were a distortion of reality.