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Nissan, Renault in talks to merge as one company

Nissan and Renault have been tied together as an alliance for nearly 20 years, but now the Japanese and French automakers are discussing whether to merge. Bloomberg, citing unidentified sources familiar with the confidential talks, reports that the idea is to form a larger, single publicly traded company to better compete against giants like Toyota and Volkswagen. It would also mark the end of the alliance that first began in 1999 and also includes Mitsubishi, in which Nissan acquired a controlling interest in 2016. A full merger would help the companies pool resources to develop electric vehicles, autonomous vehicles and car-sharing services. It would involve Nissan giving Renault shareholders stock in the new company, with Nissan shareholders also gaining shares in the new company, Bloomberg reports. The new company would be run by Carlos Ghosn, the current chairman of both companies. But any such merger, as you might expect, would be complicated, in part by geopolitics. The French government owns a 15-percent stake in Renault, and both the French and Japanese governments might be reluctant to let go of their respective home-grown brands. Currently, Renault owns a 43-percent stake in Nissan, while Nissan owns 15 percent of its French partner. Reuters reported recently that Ghosn proposed buying most of the French government's stake in Renault as part of plans for a closer tie-up. The Renault-Nissan-Mitsubishi alliance already has been working to establish a $200 million mobility tech fund to invest in startups, a reflection of how seismic changes in the auto industry have left many legacy companies scrambling to stay current. Nissan in 2016 paid a reported $2.3 billion to acquire 34 percent of Mitsubishi in order to share platforms, technology, manufacturing and other resources. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Image Credit: Patrick T. Fallon/Bloomberg Earnings/Financials Government/Legal Green Mitsubishi Nissan Renault car sharing merger

Former Mitsubishi CEO Osamu Masuko dies at 71

TOKYO — Former Mitsubishi Motors Chief Executive Osamu Masuko, who engineered the Japanese automakerÂ’s alliance with Nissan, has died. He was 71. Masuko was named a special adviser to the company when he resigned for health reasons as of Aug. 7. Mitsubishi said he died of heart failure on Aug. 27. Masuko joined with former Nissan Chairman Carlos Ghosn in forming an alliance in 2016. Ghosn was arrested and charged with alleged financial misconduct in late 2018, but skipped bail and fled to Lebanon. After he was named president of Mitsubishi Motors in 2005, Masuko worked hard to rebuild its brand image, which had been hammered by a massive, systematic and decades-long cover-up of defects that surfaced in the early 2000s. Calm and soft-spoken, Masuko came to symbolize Mitsubishi Motors' revitalization. Masuko had said he was stunned and saddened by Ghosn's arrest. “I still canÂ’t figure out why, and I just donÂ’t understand,” he told reporters then. Nissan Chief Executive Makoto Uchida offered his condolences. “His wisdom and foresight will remain as an inspiration to the automotive industry, and we will always honor his memory,” Uchida said, stressing his role in building the alliance as well as other contributions to the overall auto industry. Mitsubishi's alliance with Nissan and Renault of France was seen as an astute move, giving the automakers an edge in an increasingly competitive global market. “During his tenure for about 16 years at MMC, Masuko made great achievements by fully demonstrating his management skills, which also enabled the company to overcome difficulties,” Mitsubishi Motors said. Masuko helped build the companyÂ’s business in Southeast Asia, a key source of growth. He also aggressively pushed the development of greener models. Masuko studied political science and economics at Waseda University and did not have an engineering background. He joined trading company Mitsubishi Corp. in 1972. In 2004, he joined Mitsubishi Motors, which makes the Pajero and Outlander sport utility vehicles, as managing director of its overseas operations. Tokyo-based Mitsubishi Motors said it is not planning any special services, respecting MasukoÂ’s wishes. The family has already held a vigil and funeral, it said. Related Video:

Nissan to pull out of venture fund with Renault in cost-cutting drive, insiders say

TOKYO — Nissan is likely to pull out from a venture capital fund it runs with alliance partners Renault and Mitsubishi Motors, as part of the Japanese automaker's drive to cut costs and conserve cash, two sources said. Nissan will formally take a decision on whether to leave the fund, Alliance Ventures, by the end of this month, the two Nissan insiders told Reuters, declining to be identified because the information has not been made public. The likely move comes after Nissan's junior partner, Mitsubishi Motors Corp, told an alliance meeting last week that it would no longer continue to inject money into the fund, one of the sources said. The decision to leave the Amsterdam-based fund was all but a done deal, the other source said, adding: "Of course we're out. The house is on fire." A Nissan spokeswoman said it was speculation and declined to comment. A Mitsubishi spokesman said no decision had been made. The move comes as Nissan — which has seen its earnings slump — is now facing a downturn in China, its biggest market, due to the impact of the coronavirus outbreak. China sales plunged 80% last month. It also highlights the extent of the automaker's cost-cutting under new CEO Makoto Uchida, who is under pressure for a quick turnaround. Alliance Ventures is aimed at finding "learning opportunities" for the alliance through investing in startups, and is supposed get up to $200 million (153.3 million pounds) a year from the three alliance partners, although it never achieves that full amount, the first source said. It was set up under former alliance head Carlos Ghosn, whose dramatic arrest in Japan culminated in an escape to his childhood home of Lebanon in December. Ghosn faces multiple charges in Japan, including of under-reporting earnings and misappropriation of company funds, all of which he denies. According to its website, the fund was set up with a $200 million initial investment and aims for up to $1 billion by 2023. Portfolio companies include WeRide, a Chinese robo-taxi startup and Tekion Corp, a cloud-based retail platform for cars. "It wasn't established by Ghosn as a way to make money. It was for those learning opportunities we get from investing in smart startups," the first source said. "But given the tough financial situation we are facing, we are looking at investment return." Reporting by Norihiko Shirouzu; Editing by David Dolan/Louise Heavens/Susan Fenton.