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Renault to Nissan: Stop trying to contact our board members

TOKYO/PARIS — Renault told alliance partner Nissan to stop contacting the French company's directors ahead of a Thursday board meeting as the Japanese automaker tried to share evidence of wrongdoing by its ousted chairman, Carlos Ghosn, two sources said. Ever since Ghosn's Nov. 19 arrest in Japan, Renault and the French government, the automaker's biggest shareholder, have demanded to see the findings of a Nissan internal investigation that include allegations of financial misconduct by the 64-year-old executive. Ghosn was charged on Monday in Japan for failing to declare deferred income he had agreed to receive for the five years ending March 2015. While Nissan fired him as chairman days after his arrest, he remains chairman and CEO of its French partner. Renault's board meets on Dec. 13, and the findings of Nissan's investigation will be shared at the meeting where Ghosn's future could be also debated, one of the sources with knowledge of the matter said. The French firm told Nissan not to contact its directors ahead of the meeting, because such contact was outside the agreed channels for communication of the sensitive findings, the source said. Nissan offered last week to brief Renault's board about findings on what it considers proof of wrongdoing by Ghosn, said a second source who has knowledge of the matter but declined to be identified as it was confidential. But Renault advised Nissan to brief its lawyers instead, which led to a meeting between the Japanese firm's officials and Renault's legal teams early this week in Paris, the person said. The Japanese automaker later invited Thierry Bollore, who was named Renault's deputy CEO with the same powers as Ghosn a day after his arrest, as well as board members, to examine the contents of the findings, said the source. Bollore, though, told Nissan on Tuesday to "refrain from contacting the board," the source said. The exchange between Renault and Nissan is another example of the testy relationship between the two automakers, despite assurances by executives on both sides to preserve the alliance. The alliance, of which Ghosn has been the driving force, is widely seen as vital for the members' long-term survival. Board members invited to see the evidence included Martin Vial, who heads the French state shareholdings agency, interim Chairman Philippe Lagayette and independent director Patrick Thomas, the second source said. A Renault spokesperson declined to comment.

Nissan reportedly rejecting Renault proposal for closer ties

TOKYO — Nissan Motor Co Ltd will reject a management integration proposal from French partner Renault SA and will call for an equal capital relationship, the Nikkei newspaper said on Monday, citing sources. Nissan's management feels the Japanese company has not been treated as an equal of Renault under existing capital ties, and a merger would make this inequality permanent, the Nikkei reported. The outlook for the alliance — one of the world's top automaking partnerships — has been in focus since the arrest in November of its main architect, Carlos Ghosn, on charges of financial misconduct. The former Nissan and Renault chairman has denied the charges against him and has said he was the victim of a boardroom coup by Nissan executives opposed to closer ties. To which, Bloomberg reported that it has seen emails in which Nissan executives were working with Japanese government officials to defend the company's independence, as Ghosn was pushing for a full merger. The emails indicate growing concern at high levels of the Japanese government, in the months before Ghosn's arrest, that his merger efforts would boost Renault and its largest shareholder, the French government, and harm Nissan, in a relationship the Japanese already saw as lopsided. The emails indicated a desire to keep the existing structure of the alliance with a "re-balancing of the shareholding" to reduce Renault's 43 percent stake in Nissan, and stated that Nissan's independence "should be respected." Nissan declined to comment directly on the emails, while reiterating that misconduct by Ghosn and his former aide, Greg Kelly, is "the sole cause of the chain of events." Renault saved Nissan from the brink of bankruptcy two decades ago and under their current capital alliance, the French company holds greater control over its much larger partner. Nissan Chief Executive Hiroto Saikawa declined to say whether the company had received a merger proposal from Renault. "Now is not the time to think of such things," he told a group of reporters outside of his house in Tokyo. "At the moment we are focused on improving Nissan's earnings performance. Please give us time to do that." Renault declined to comment on the report. Renault has argued in its proposal that an integration would maximize synergies within the French-Japanese alliance, according to the Nikkei. The Financial Times reported last month of Renault's intention to restart merger talks with Nissan within 12 months.

Nissan Note getting a little louder with Nismo versions this fall

Nissan's Nismo performance division has been getting more chances to shine recently with tuned models like the Juke Nismo RS and GT-R Nismo. But its latest creation moves closer to the bottom of the Japanese brand's lineup to make a hot hatch out of the (Versa) Note.
At least in Japan, the new model is due this fall, and Nismo is keeping a lot of the details about its latest creation a secret for now. What we do know is that it'll be available in two trims - the Note Nismo and the sportier Nismo S. "The development concept of this model was to build a car that makes you want to keep driving, no matter where your destination may be," said the division's chief product specialist, Hiroshi Tamura, in the company's announcement.
Aesthetically, the Note Nismo looks the way a tuned Nissan should, with the division's signature red trim outlining the car. It also wears a new, mesh grille, lower air dam, red side sills and rear spoiler. Inside, the S gets standard sport seats with full Recaro buckets as an option. Nissan didn't release technical specs for either version, but it promises that the S also gets a tuned engine with a five-speed manual.