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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

Recharge Wrap-up: Comparing Nissan Leaf performance by climate, natural gas iffy for trucks

A new Carnegie Mellon University study looks at the effects of regional climate variations on the Nissan Leaf. The study shows (unsurprisingly) that the ambient temperatures of different regions have effects on battery performance and the use of climate control, both of which affect range. Efficiency and grid mix determine regional differences in emissions per mile. CMU enumerated many of the differences in performance across the US. For instance, on the coldest day of the year, maximum range can be 70 miles on the Pacific Coast, while it is less than 45 miles in the Upper Midwest. These differences in efficiency can also affect adoption patterns. Read more at Green Car Congress. Battery charger manufacturer CTEK has licensed WiTricity wireless charging technology. CTEK looks to commercialize the wireless power transfer tech for use with electric vehicle batteries, making the "plug-in" aspect of EV charging unnecessary. WiTricity's charging technology stands out for its ability for distance charging via magnetic near field. "We are excited to be on the forefront of the next generation of battery charging products for consumers and industry, and look forward to leveraging WiTricity's ground-breaking technology to bring a new level of convenience and ease of use to market," says CTEK CEO Jon Lind. Wireless charging is convenient for the public, but also especially useful for emergency vehicles, which need to be ready at a moment's notice but also keep electrical systems online while the car is parked. Read more at Green Car Congress or at the WiTricity website. Switching heavy trucking fleets from diesel to natural gas could make economic sense, but the environmental benefits aren't as certain, according to a new study from UC Davis and Rice University. Certain regions - particularly California, the Great Lakes and mid-Atlantic regions - could benefit from the switch with minimal investment. "But to have an environmental advantage for reducing greenhouse gas emissions would take significant policy intervention," says Amy Myers Jaffe, executive director for Energy and Sustainability at UC Davis. This would mean stricter efficiency standards for natural gas trucks, as well as stronger regulations for methane leakage. Read more in the press release from UC Davis below.

Ghosn says French ambassador told him: 'Nissan is turning against you'

BEIRUT — Former Nissan chairman Carlos Ghosn said on Tuesday that the French ambassador had warned him shortly after his arrest that his own company was plotting against him. "Frankly, I was shocked by the arrest, and the first thing I asked is make sure Nissan knows so they can send me a lawyer," Ghosn told Reuters in an interview in Beirut. "And the second day, 24 hours from this, I received a visit from the French ambassador who told me: 'Nissan is turning against you'. And this is where I realized that the whole thing was a plot." Former Nissan CEO Hiroto Saikawa, who was forced to resign last year after admitting that he had received improper compensation, told a news conference shortly after Ghosn's arrest that Ghosn had been using corporate money for personal purposes and under-reporting his income for years. The arrest of Ghosn, widely respected for rescuing the carmaker from near-bankruptcy, has put Japan's criminal justice system under international scrutiny. Among the practices now under the spotlight are keeping suspects in detention for long periods and excluding defense lawyers from interrogations, which can last eight hours a day. "When he told me that 'two hours or three hours later, after your arrest, Saikawa went in a press conference and made his infamous statement where he said, you know, 'I am horrified, but what I'm learning...'' — so when he told me he made these statements, I said 'Oh my God this is a plot'."   Related: Yamaha warns not to climb into instrument cases after Ghosn arrest   Ghosn, 65, fled Japan last month while awaiting trial on charges of under-reporting earnings, breach of trust and misappropriation of company funds, all of which he denies. The one-time titan of the car industry said the alternative to fleeing would have been to spend the rest of his life languishing in Japan without a fair trial. Ghosn said he had escaped to his childhood home of Lebanon in order to clear his name. He noted that there were conflicting stories about his astonishing escape, but declined to say how he had managed to flee. Tokyo prosecutors said his allegations of a conspiracy were false and that he had failed to justify his acts. The 14-month saga has shaken the global auto industry and jeopardized the Renault-Nissan alliance, of which Ghosn was the mastermind. Japan's Ministry of Justice has said it will try to find a way to bring Ghosn back from Lebanon, even the countries have no extradition treaty.