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FCA compromises with France, moving Renault merger bid forward

FRANKFURT/PARIS – Renault directors were preparing to review Fiat Chrysler's $35 billion merger offer on Tuesday, after the Italian-American carmaker resolved differences with the French government overnight, three sources said. The compromise on French government influence over a combined FCA-Renault may clear the way for Renault's board to approve a framework agreement beginning the long process of a full merger, unless new issues surface at the meeting. France, Renault's biggest shareholder with a 15% stake, had been pressing for its own guaranteed seat on the new board and an effective veto on CEO appointments. But after late-night talks with FCA Chairman John Elkann, the French government has accepted a compromise that would see it occupy one of four board seats allocated to Renault, balanced by four FCA appointees, the sources said. Renault would also cede one of its two seats on a four-member CEO nominations committee to the French state, they said. Renault, FCA and the French government all declined to comment on the discussions. The same evening that the compromise was was negotiated, activist hedge fund CIAM wrote to the board of Renault to say it "strongly opposed" a planned $35 billion merger with Fiat Chrysler. Calling the deal "opportunistic," the fund said the current deal terms strongly favored Fiat Chrysler and offered no control premium. (Reporting by Arno Schuetze and Laurence Frost; additional reporting by Giulio Piovaccari in Milan and Simon Jessop; editing by Jason Neely and Rachel Armstrong) Government/Legal Chrysler Fiat Mitsubishi Nissan Renault merger

2018 Mitsubishi Outlander PHEV First Drive | Nailing the sweet spot

SANTA CATALINA ISLAND, Calif. — For years now, while the Mitsubishi brand has languished here in the U.S., other parts of the world have been enjoying the Outlander PHEV. It's Europe's best-selling plug-in hybrid, and Mitsubishi has been improving on it over the years, testing it, refining the technology and punishing the vehicle in competitions like the Baja Portalegre 500 and the Asia Cross Country Rally. Now, as electric vehicles begin to gain greater acceptance, and as Mitsu turns its brand around, it will finally offer the Outlander PHEV in America at the end of this year. As Mitsubishi prepares to launch the Outlander PHEV stateside, we had the rare opportunity to drive it across the interior of Santa Catalina Island, off the coast of Los Angeles, to test it out on some rugged, scenic roads. Sitting inside the Outlander PHEV, we were actually pleased with the interior. It was simple and clean, and the plastics didn't feel especially cheap. Sure, it wasn't the thoughtful design or plush touch points of the other available plug-in crossovers on the market, but the Outlander PHEV also doesn't share the same price tag. We definitely found it to be more attractive and appealing than the inside of, say, a Chevrolet Equinox. If you were expecting a pile of hot garbage from Mitsubishi, you're way off. When we popped open the rear liftgate to take a look, we found our near-ideal tailgating vehicle. In the rear cargo area was a ton of space, a large speaker, cupholders and a standard three-prong outlet, perfect for plugging in a slow cooker, blender, or any other appliance you could find useful at a football game or campsite. Later, when we would take a break from our drive at Catalina Island's Shark Harbor, we'd be treated to a smoothie prepared in a blender plugged into that AC outlet. If you happen to use all 12 kWh of energy, the gas engine will fire up to serve as a generator. The Toyota 4Runner may have had the "Party Mode" button, but the Outlander PHEV would be our pick for the stadium parking lot. As we passed through a gate at the edge of the town of Avalon and headed up a dirt road across the interior of Catalina Island, we were quickly impressed with the way the Outlander PHEV handled the rocky, dusty trails from which most drivers are normally prohibited. The steering feel was light but communicative, and we were really able to tell what was going on between the front wheels and the rugged surface beneath them.

Carlos Ghosn's lawyers in Japan quit after client's flight to Lebanon

TOKYO — Japanese attorneys representing Carlos Ghosn, including lead lawyer Junichiro Hironaka, quit on Thursday following the former Nissan chiefÂ’s flight to Lebanon from Japan, where he had been fighting financial misconduct charges. Hironaka had been representing Ghosn in his defense against financial misconduct charges. His move, announced Thursday, was widely expected after Ghosn escaped to Lebanon late last month. A second lawyer in GhosnÂ’s three-person legal team, Takashi Takano, also quit on Thursday, according to an official at his office. A person who answered the telephone at the office of the third lawyer, Hiroshi Kawatsu, said she did not know if he still represented the former automotive executive. Hironaka said in a statement that the entire team working on the case at his office will quit but did not outline reasons. He has said before he felt some empathy for Ghosn's reasons for escape, while stressing he had hoped to win vindication in court. Hironaka is respected for winning high-profile cases in this nation where the conviction rate is higher than 99%. Among the cases he has handled is that of Atsuko Muraki, a Welfare Ministry official accused of falsely approving a group to qualify for mail discounts. She was acquitted in 2010. Also Thursday, Nissan released steps it was taking to prevent a recurrence of Ghosn's scandal, and reiterated its denouncement of Ghosn. The automaker said in a report submitted to the Tokyo Stock Exchange that Ghosn had the authority to “single-handedly” determine directors' compensation and such information was not shared with other departments at the company. The underreporting of his future compensation is among the allegations Ghosn faced in Tokyo. In a news conference last week in Beirut, Ghosn insisted again that he was innocent of the charges, which also included breach of trust in diverting Nissan money for his personal gain. He said he fled because he felt he could not expect a fair trial in Japan. Ghosn's flight while he was out on bail awaiting trial means his case will not go on in Japan. Interpol has issued a wanted notice but his extradition from Lebanon is unlikely. Ghosn has accused Nissan and Japanese officials of conspiring to bring him down to block a fuller integration of Nissan with its French alliance partner Renault SA of France. Ghosn, who has signed on an international team of lawyers, has expressed willingness to stand trial in Lebanon.