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France tries to dodge blame for blowing up FCA-Renault merger deal

PARIS — France sought to fend off a hail of criticism on Thursday after it was blamed for scuppering a $35 billion-plus merger between carmakers Fiat-Chrysler and Renault only 10 days after it was officially announced. Shares in Italian-American FCA and France's Renault fell sharply in early trading after FCA pulled out of talks, saying "the political conditions in France do not currently exist for such a combination to proceed successfully." French finance minister Bruno Le Maire said the government, which has a 15% stake in Renault, had engaged constructively, but had not been prepared to back a deal without the endorsement of Renault's current alliance partner Nissan. Nissan had said it would abstain at a Renault board meeting to vote on the merger proposal. However, a source close to FCA played down the significance of Nissan's stance in the discussions, believing French President Emmanuel Macron was looking for a way out of the deal after coming under pressure at home. Context The FCA-Renault talks were conducted against the backdrop of a French public outcry over 1,044 layoffs at a General Electric factory. The U.S. company had promised to safeguard jobs there when it acquired France's Alstom in 2015. The collapse of the deal, which would have created the world's third-biggest carmaker behind Japan's Toyota and Germany's Volkswagen, revives questions about how both FCA and Renault will meet the challenges of costly investments in electric and self-driving cars on their own. The merger had aimed to achieve 5 billion euros ($5.6 billion) in annual synergies, with FCA gaining access to Renault's and Nissan's superior electric drive technology and the French firm getting a share of FCA's lucrative Jeep and Ram brands. FCA has long been looking for a merger partner, and some analysts say its search for a deal is becoming more urgent as it is ill-prepared for tougher new regulations on emissions. It previously held unsuccessful talks with Peugeot maker PSA Group, in which the French state also owns a stake. French budget minister Gerald Darmanin said the door should not be closed on the possibility of a deal with Renault, adding Paris would be happy to re-examine any new proposal from FCA. "Talks could resume at some time in the future," he told FranceInfo radio.

Nissan tells Renault it is 'not opposed' to Fiat Chrysler merger plan

TOKYO – Nissan on Wednesday told Renault it wasn't opposed to its partner's potential $35 billion merger with Fiat Chrysler, the Nikkei newspaper said, as the two met to hash out the future of their alliance amid a deal that could upend the auto industry. The leaders of Nissan Motor Co, France's Renault SA and junior partner Mitsubishi Motors Corp gathered at Nissan's headquarters in Yokohama for a scheduled alliance meeting - one overshadowed by Fiat Chrysler's proposal this week for a merger-of-equals with Renault. The plan, which would create the world's third-largest automaker, raises difficult questions about how Nissan would fit into a radically changed alliance. Renault Chairman Jean-Dominique Senard arrived in Japan on Tuesday to discuss the proposed tie-up with Nissan, 43.4% owned by the French automaker. "We are not opposed," the Nikkei quoted an unnamed Nissan source who had attended the meeting as saying. The person also said "many details need to be worked out" before the Japanese automaker solidifies its position on the issue, the Nikkei reported. In a statement, the alliance members confirmed that they had "an open and transparent discussion" on the proposal. The deal looks designed to tackle the costs of far-reaching technological and regulatory changes, including the drive toward electric vehicles. Nissan, which has rebuffed overtures by Renault for a merger of their own despite their 20-year alliance, was blindsided by the discussions, sources have told Reuters, stoking concerns that a deal with Fiat Chrysler could weaken Nissan's relations with Renault. The tie-up also poses an additional challenge for Nissan CEO Hiroto Saikawa, already grappling with poor financial performance and an uneasy relationship with Renault after Nissan led the ousting last year of long-standing alliance chairman Carlos Ghosn. There have long been tensions between Nissan and Renault over the imbalance of power in their alliance. Nissan, the bigger company, holds a 15% non-voting stake in the French automaker, while Renault owns 43.4% of Nissan. Ahead of Wednesday's meeting, Japanese media quoted Saikawa as telling reporters that he would look at the potential opportunities afforded by a Renault-FCA merger. Credit ratings agency Moody's said it was vital for Nissan to stabilize its partnership with Renault to expand operational synergies and improve margins.

Nissan Leaf EVs slip through French village to make a quiet point

Bjork's 1995 freak-out hit It's Oh So Quiet may have reflected the singer's oddball Icelandic sensibilities, but Nissan is making the concept of relative silence a French thing. The Japanese automaker recently promoted its all-electric Leaf by staging a mini-rally through what it called "one of the quietest villages in Europe." And with the exception of a couple damaged trash bins and a destroyed rear-view mirror from an old-school archway, the race kept the drivers wide awake but everyone in the Southern French village in Provence Alpes Cote d'Azur sleeping. Nissan sent four vehicles on a five-kilometer jaunt through the village in the wee morning hours. Screeching tires and a couple booms notwithstanding, the company said everyone in town stayed snoozing. There was a broader purpose to this exercise, of course, which Nissan blatantly admits was a stunt. Nissan was helping celebrate 19th Annual International Noise Awareness Day (INAD), which took place on Wednesday and highlighted the emotional and health issues as well as high blood pressure and insomnia caused by excessive exposure to noise. Check out Nissan's press release below, where you'll also find the video. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. NISSAN LEAF CELEBRATES INTERNATIONAL NOISE AWARENESS DAY WITH A NIGHTTIME "SILENT RIDE" ROLLE, Switzerland – To mark the 19th annual International Noise Awareness Day (INAD), Nissan has taken to the streets of one of Europe's quietest villages during the middle of the night with a silent "ride" of its 100 percent electric Nissan LEAF. The activity, complete with a start and finish line in Provence Alpes Cote d'Azur, was designed to demonstrate the noise reduction levels of the Zero Emissions car compared to traditional combustion engines. The World Health Organization (WHO) states at least 13.5 percent of Europeans are exposed to road traffic noise at levels exceeding 55 dB, which is considered detrimental to human health*. The medical effects of noise levels include insomnia (50dB), obesity (50dB), psychic disorders (60dB) and reduction in life expectancy (50dB)*. As a result, Nissan has filmed a 'silent ride' to help support INAD in raising awareness about noise pollution levels across Europe.