May 22, 2019 / 2:26 PM / 7 months ago

Status quo at Renault-Nissan must be changed: French finance minister

FILE PHOTO: French Economy and Finance Minister Bruno Le Maire delivers a speech during a high-level forum on debt at the Finance ministry in Paris, France, May 7, 2019. REUTERS/Benoit Tessier/File Photo

PARIS (Reuters) - The current status quo regarding the alliance between French carmaker Renault and its Japanese partner Nissan cannot continue and must be changed as it is currently weakening Renault, said French finance minister Bruno Le Maire.

“The status quo is not possible, the status quo is weakening the overall group, we have to push forward, make progress and consolidate this alliance,” Le Maire told reporters at a meeting held at the OECD.

Le Maire had earlier discussed the matter with Japanese industry minister Hiroshige Seko.

Nissan said earlier this month that Hiroto Saikawa would stay on as chief executive, backing the protege of former boss Carlos Ghosn even as top shareholder Renault had earlier pushed for a change in the Japanese automaker’s leadership.

The make-up of Nissan’s board has vast implications for the Nissan-Renault alliance. The unequal relationship between them - smaller Renault has the bigger stake in Nissan - has long been a source of friction.

Reporting by Leigh Thomas; Editing by Sudip Kar-Gupta

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below