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Renault, Nissan, Mitsubishi Motors in talks to form new Alliance body

Renault SA said it is in discussions with Nissan Motor Co. Ltd. and Mitsubishi Motors Corp. to set up a new Alliance body in order to "enhance and ensure further collaboration," but the companies have not reached a definitive agreement.

Renault was responding to a March 9 report in the Nikkei Asian Review that the companies are forming a new decision-making panel to replace the existing setup that concentrated power in the hands of former Alliance chairman Carlos Ghosn, who previously served as chairman of all three companies before his arrest in November 2018.

Under the new collaborative structure, Renault Chairman Jean-Dominique Senard, Nissan President and CEO Hiroto Saikawa, and Mitsubishi Motors Chairman and CEO Osamu Masuko will all sit on the top decision-making body, with Senard expected to serve as chairman of the alliance, according to the report.

In its March 11 statement, Renault did not reveal details of the new body but said it will have no impact on the cross-shareholding structure between the member companies and the Restated Alliance Master Agreement, which was set up to ensure noninterference of Renault in the governance of Nissan.

"Any agreement shall be submitted for prior approval to the Board of Directors of Renault," the company said.

The newspaper added that the alliance's joint ventures, Renault-Nissan B.V. and Nissan-Mitsubishi BV in Amsterdam, will halt operations after the new body is formed.

Meanwhile, a Tokyo court denied Ghosn's request to attend Nissan's March 12 board meeting, Japanese public broadcaster NHK reported, citing sources. Ghosn walked out of a Tokyo jail after posting a bail of $9 million on March 6, after spending more than 100 days at a Tokyo detention center.