Be informed about free updates
Simply log in to Car Myft Digest – delivered directly to your arrived mail.
Renault has reactivated conversations with the Taiwanese manufacturer of the IPhone FoxConn Agreement in connection with his share in Nissan after the collapse of the connection between Japanese car manufacturer and his rival Honda.
Renault’s move to start his own search for new investors appeared at the back of concern that he would remain with depressed shares in Nissan, and the Japanese group lacks a new partner, according to people who find out the situation. AND search It will be expansive approaches that will be created by technological groups around the world, including Apple, they added.
Renault reduced its share in Nissan after the restructuring of the 25-year car alliance in 2023. He currently has a 36 % share in Nissan, including the remaining 18.7 percent in French trust that he wants to exclude that he wants to be excluded.
Jun Seki, Chief Director of the FoxConn Electric Vehicle Department and former Director Nissan, met Renault Director Luc de Meo in December in December because of the interviews of the share of shares held in trust, which launched panic in Nissan and and Angry negotiations with a rival Honda that fell apart earlier this week.
“No need to defend FoxConna. They should at least consider them [as a potential partner]”, One person said close to discussions.
In a statement, Renault said that “assesses all possibilities” and that he would “vigorously defend” the interests of the group and his stakeholders. “Today is Nissan’s turnover,” he added.
The Nissan shares increased on Friday more than 7 percent after the media report that Foxconn’s Young Liu chair had directed Seki to connect with Renault.
FoxConn did not immediately respond to the comment request. Nissan refused to comment.
But even if Renault is open to the sale of its shares in Nissan, the Japanese group has the first right of rejection, so it would be difficult to sell to the sale without its agreement.
A banker involved in car contracts said Renault “wanted to play an active role in the situation”, adding that he was torn between the idea of sale and refund or remained involved in Nissan. “They’re not in a hurry,” he said.
Nissan also conducts his own search for a strategic partner in the Technology Industry after his committee decided to end up talking to Honda to create the fourth largest car manufacturer.
Discussions fell apart after Honda requested that Nissan accepted a new offer to become a branch of fully owned, deviating from the original agreed structure of the common holding.
Nissan came under financial pressure due to the competition of Chinese rivals and a lack of strong product supply. As part of its efforts, the company has announced that it plans to reduce 9,000 jobs and a fifth of its production capacity.
