France: No Nissan-Renault marriage

Source: Xinhua | 2019-01-21

French Economy Minister Bruno Le Maire yesterday dismissed talk of a merger between Renault and Nissan, despite Japanese media reports that France was pushing for it.

Le Maire’s remarks were made during a visit to Cairo.

Earlier yesterday, Japanese media said France wants a merger between Renault and Nissan following the arrest of former Nissan chairman Carlos Ghosn on charges of financial misconduct.

“The subject is not on the table today. What is on the table today is the governance of Renault,” he told journalists.

“The most important thing for us is to have solid, stable, sustainable governance for Renault,” said Le Maire.

“This should be put in place by the company’s board of directors in the coming days.”

The French government is the biggest shareholder in Renault with more than 15 percent. Renault owns 43.4 percent of Nissan.

Kyodo News reported that the merger request was made by a delegation including Martin Vial — a Renault director designated by the French government — during talks with Japanese officials.