Nissan slams Renault abstention on governance efforts vote

France ready to cut Renault stake to shore up Nissan ties: minister

A spokesman for Renault, which is Nissan's largest shareholder, had no comment.

Renault is pushing for a full merger between the pair, but there is deep skepticism of the plan at Nissan.

The two automakers are looking for ways to get an approval from Nissan, Reuters added. "As now proposed, this does not seem to be the case". "The second step will be consolidation - only if all parties are on board".

RNBV has been a focal point of possible malfeasance following Ghosn's November 19 arrest in Japan and subsequent indictments on alleged financial misconduct during his time running Nissan. As for the fraught Renault-Nissan alliance, Le Maire and his Japanese counterpart Hiroshige Seko have stated that it is up to both companies to resolve their differences.

The exact nature of Renault's demand was unclear, but the company, which owns 43% of Nissan, may have wanted more representation on the committees being set up to strengthen corporate governance. As one source told Reuters, the French carmaker's significant stake in Nissan is "an intrinsic part of the value of Renault".

Nissan has said that the alleged misconduct was the result of governance failings, and that the proposed overhauls are necessary to ensure wrongdoing is not possible.

It's not clear how much of Nissan Renault could relinquish without needing the merger proposal to be restructured.

More news: Routine opening victory as Norway see off NIgeria Women's World Cup 2019

French Finance Minister Bruno Le Maire is ready to cut the government's 15% stake in Renault to consolidate the carmaker's partnership with Nissan, Agence France-Presse reported on June 8.

On Sunday, French newspaper Journal du Dimanche reported that Fiat managers informed French authorities on their interest in Renault during the Christmas holidays.

The rift could put further pressure on Nissan Chief Executive Hiroto Saikawa, who looks increasingly at odds with Renault.

In March a Nissan-appointed outside team recommended the formation of the three committees to improve its corporate governance.

"Shockingly, for several months, elements of this "audit" have been circulating in the media without Mr. Ghosn ever receiving it", they said.

Nissan also appears to have been largely left in the dark on the merger discussions between Renault and Fiat Chrysler, which had attempted to join forces to create the world's third-largest automaker before talks fell apart last week.

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