Monday, 25 March, 2019

Renault in talks with Nissan and Mitsubishi over new alliance body

Nissan may ask ex Toray boss Sakakibara to chair board meetings Nissan, Renault and Mitsubishi pledge new start
Laurie Berry | 15 March, 2019, 16:15

Nissan, along with partners Renault and Mitsubishi Motors, this week announced a major retooling of their alliance through the creation of a three-way board meeting to put themselves on a more equal footing.

Leading lawyer Junichiro Hironaka has fought the legal battle for Ghosn. He also said he would not be chairman at Nissan but vice chairman. He was released on a $9 million bail only last week.

The Tokyo District Court on Monday declined to temporarily suspend a condition of Ghosn's bail that stops him from meeting people linked to his case, blocking what would have been a dramatic face off between the once-feted executive and the colleagues he has accused of fomenting a coup.

The court did not give a reason for its ruling.

Released on $9 million bail last week after spending more than 100 days in a Tokyo detention centre, Ghosn faces charges of under-reporting his salary at Nissan by about $82 million over almost a decade. It was not clear who would become Nissan's chairman, vacant since Ghosn was arrested in Japan in November.

The automaker has said it intends to appoint a new chairman based on proposals by the committee.

Renault-Nissan alliance was first set up during 1999 and Mitsubishi Motors Corp. had been added to the alliance in 2016, and, Carlos Ghosn who had served a Chair for all three companies and the alliance boss, had been thrusting for a much deeper tie-up between Renault and Nissan, including a possible merger, before his arrest and dismissal on November a year ago on accusations of alleged financial misconducts.

All-English showdowns in Champions League quarterfinals would be 'fantastic' - Jose Mourinho
But Mourinho is only banking on two being in the semi-finals as he revealed his preferred last eight selections. They are doing so, so well during the competition that I think it would be unbelievable for one of them.

The notice, signed by Nissan President Hiroto Saikawa, will be sent out Thursday, Nissan said.

Senard said he would not seek to be chairman of Nissan, but believed he was a "natural candidate" to be vice-chairman.

Some at Nissan had been unhappy with Ghosn's push for a deeper tie-up with Renault, which was seen as possibly including a full merger.

Although he was nearly immediately fired as the head of the company when the allegations surfaced, he is still a board member until April 8, when an extraordinary meeting of shareholders is likely to remove him.

If his request to attend the board meeting had been approved, he would have been expected to dial into the meeting via teleconference, given the conditions of his bail, according to a person familiar with Nissan's thinking.

Nissan holds a 15 percent, non-voting stake in Renault, whose top shareholder is the French government.

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