Renault to Keep Apart From Nissan -- WSJ
2018年6月23日 - 4:02PM
Dow Jones News
By Sean McLain
This article is being republished as part of our daily
reproduction of WSJ.com articles that also appeared in the U.S.
print edition of The Wall Street Journal (June 23, 2018).
TOKYO -- Carlos Ghosn said Friday there was "zero chance"
Renault SA would acquire partners Nissan Motor Co. and Mitsubishi
Motors Corp., bringing more clarity to the direction of a
19-year-old alliance that is preparing for a future without its
chief architect.
Mr. Ghosn, chief executive of Renault and chairman of both
Nissan and Mitsubishi, was speaking at the annual shareholder
meeting of Mitsubishi. "Anybody who will ask Nissan and Mitsubishi
Motors to become wholly owned subsidiaries of Renault has zero
chance of getting the result," he said.
Nissan's Chief Executive Hiroto Saikawa has said he is opposed
to a merger and wants the companies to remain independent.
The alliance has succeeded in large part due to Mr. Ghosn, who
is expected to step down from his position at Renault by 2022. He
has said he wants to make the Renault-Nissan-Mitsubishi alliance
"irreversible" by that point.
The companies have declined to say what it would take to make
that happen, but it is becoming clearer what they won't be
doing.
With Friday's comments, Mr. Ghosn ruled out a simple acquisition
by Renault of its Japanese partners. Meanwhile, a merger is
difficult because of the opposition by Mr. Saikawa, whose stance is
shaped by concerns within Nissan that a merger would be opposed by
rank-and-file employees.
"The last thing we want to do is by converging the three
companies, do something where some people are demotivated, because
they have the impression that they will be working for somebody
else," Mr. Ghosn said. "This is a fundamental issue."
Mr. Ghosn has acted as an arbiter and striven to maintain
neutrality while ensuring the companies share costs and
technological breakthroughs. Nissan's Mr. Saikawa has said that the
alliance worked in the past by following "homework assignments"
issued by Mr. Ghosn.
Replacing him would be a tall order, but Mr. Saikawa has said
the three car makers will have to find a way to make the alliance
work without such a figure.
An additional complication is the current shareholding pattern.
Renault owns a more than 43% stake in Nissan. Nissan owns 15% of
Renault, an imbalance reflecting the fact that Nissan was facing
bankruptcy when the cross-shareholding arrangement was formed.
Today Nissan is the more profitable company of the two. Mitsubishi
joined the alliance after Nissan took a 34% stake in the company in
2016.
The Renault-Nissan shareholding pattern "ensures that both
partners have a mutual self-interest and encourages each to pursue
'win-win' strategies that benefit both," said a spokesman for the
alliance. He said "all options are still on the table" for the
alliance's future.
Write to Sean McLain at sean.mclain@wsj.com
(END) Dow Jones Newswires
June 23, 2018 02:47 ET (06:47 GMT)
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