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Japan/US: Nissan and Renault close to resolve dispute

By  |  June 19, 2019

According to a report from the Wall Street Journal, Nissan Motor and Renault are moving closer to resolving a standoff over corporate governance at the Japanese car maker, according to people familiar with their talks, nearing a compromise that could help ease one point of contention between the two alliance partners.

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    Tensions between them have escalated in the wake of busted merger talks between Fiat Chrysler and Renault. Those discussions foundered after Nissan withheld its support for a tie-up, and the French government asked for a delay until Nissan was onboard. Instead, Fiat pulled its offer.

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    The corporate governance issue has been a highly technical, but high-profile, standoff between Nissan and Renault. It revolves around whether Renault Chief Executive Thierry Bolloré should be given a post on a proposed audit committee on Nissan’s board. Renault threatened to abstain in a vote on governance changes at Nissan, effectively scotching them, unless it got its way. That prompted Nissan Chief Executive Hiroto Saikawa to issue an uncharacteristic rebuke calling Renault’s stance “most regrettable.”

    Under the proposed plan, Mr. Bolloré would get the committee seat, said people familiar with the discussions. They cautioned that the deal wasn’t final yet.

    Full Content: Wall Street Journal

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