Optimism rises on the possible reopening of the negotiation between Renault and FCA. After John Elkann's abrupt about-face and the disputes with the French state, signs of recovery are coming from Paris where Nissan and Renault have finally resolved the dispute over the governance of the Japanese group which, in addition to risking wrecking the Franco-Japanese alliance, had contributed to hindering the negotiations for the merger between the French company and Fiat Chrysler. The news was revealed by the Wall Street Journal and confirmed by the Financial Times.
At the heart of the dispute between the two groups was Renault's desire to secure its CEO, Thierry Bolloré, a seat on Nissan's internal controls committee. A request initially rejected by the Japanese which had led the leaders of the French house to threaten abstention in the vote on governance changes, aware of the consequences of the decision. In fact, the shareholders will have to vote on the committees on June 25 and, given that a two-thirds majority is required, Renault's support is essential for the success of the operation. In the last few hours the turning point: Nissan would have agreed to grant a seat on the audit committee to Bolloré in addition to that already assured to the president of Renault, Jean-Dominique Senard.
If officially confirmed, “Nissan's decision to leave more seats on the committees for Renault representatives it is a positive first step to obtain the approval of the new governance by Renault at the Nissan shareholders' meeting on 25 June”, commented the Mediobanca analysts.
“An agreement on governance – writes the Financial Times today – is seen as vital for the alliance and with a view to restarting talks with FCA".
Indeed, Renault executives would like to restart negotiations with FCA before market conditions change. French President Emmanuel Macron is expected to discuss the alliance between Nissan and Renault when he meets with Japanese Prime Minister Shinzo Abe next week at the G-20 in Osaka.
At Piazza Affari the Fca title gains 1,28% to 12,344 euros, while in Paris Renault shares rise by 1,6% to 55,47 euros.
