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Renault to propose joint holding company with Nissan, Nikkei reports

TOKYO — Renault SA will propose to Nissan Motor Co a plan to create a joint holding company that would give both firms equal footing as the French automaker seeks further integration with its Japanese partner, the Nikkei newspaper reported on Friday. Under the proposal, both firms would nominate a nearly equal number of directors to the new company in which ordinary shares in both Nissan and Renault would be transferred on a balanced basis, the newspaper said, without citing sources. This would effectively dilute the stake held by the French government in Renault to around 7-8 percent, from its current 15 percent, it added. The new company would be headquartered in a third country, such as Singapore. Renault plans to make the proposal to Nissan soon, the Nikkei said, having modified an earlier merger idea that Nissan rejected on April 12. Nissan declined to comment on the issue. The Financial Times newspaper reported that both Nissan and the Japanese government have refused to engage in merger talks with Renault. The report of the proposal comes as the outlook for the alliance — one of the world's top automaking partnerships — has clouded since the arrest in November of its main architect, Carlos Ghosn, for suspected financial misconduct. It also comes as Nissan's financial performance struggles following years of focusing on volume sales over building its brand, particularly in the United States, its biggest market. Nissan slashes its forecast This week, the Japanese automaker slashed its profit forecast for the year just ended to its lowest in nearly a decade, citing weakness in its U.S. operations. Renault for years has been vying for a closer merger with Nissan, which it rescued from the brink of bankruptcy two decades ago. Ghosn had been working to achieve a deeper integration before his arrest on financial misconduct charges in November last year. While the automakers have been consolidating many of their operations over the past decade, including procurement and production, many executives at Nissan have opposed an all-out merger with Renault. Instead, Nissan has argued for a more equal footing with Renault, which holds a 43 percent stake in its bigger partner. Nissan holds a 15 percent stake in Renault. It was unclear whether Renault would hold the casting vote in major decisions at the new company, as it did in Renault-Nissan B.V., a strategic management company jointly held by both companies that oversaw operations for the partnership.

Nissan heading to Le Mans with 1,250-hp GT-R LM Nismo [w/videos]

Endurance racing faced a pivotal year in 2012. The FIA and the ACO had just come together to form the new World Endurance Championship when Peugeot announced it was shuttering its team, leaving only one manufacturer to contest the top LMP1 class of the nascent series. Fortunately Toyota was able to advance its program to join Audi in the WEC and at the 24 Hours of Le Mans. Two seasons later Porsche joined the fight, and now Nissan has formally announced its return to Le Mans as well. Revealed in Nissan's With Dad spot during the Super Bowl, the Japanese automaker is set to join the grid with the innovative GT-R LM Nismo you see here. It's a hybrid just like the challengers from Audi, Porsche and Toyota, but instead of a mid-engine/rear-drive setup, Nissan's oddball challenger places its engine in the front, driving the front wheels. The 3.0-liter twin-turbocharged V6 is mated to a five-speed sequential gearbox and produces upwards of 550 horsepower on its own, but is mated to an electric Energy Recovery System that kicks in over 700 additional horses for a combined hybrid output exceeding 1,250 hp. That could make Nissan's the most powerful LMP1 on the grid, while still complying with the fuel flow limits outlined in the rulebook that gives participating constructors the latitude to toy with different configurations. Both powertrain components are mounted under the long nose of the oddly styled prototype, behind the canopy of the rearward cockpit that may give it a similar profile to the DeltaWing prototype and subsequent ZEOD RC. But the unconventional GT-R LM Nismo is also innovative in its own way. The front-drive configuration means that the Nissan prototype actually has wider tires up front than in the back, and also allowed for a drastically different approach to aerodynamics. Instead of testing it out at a handful of events in its first season, with the GT-R LM, Nissan will contest the full 2015 FIA World Endurance Championship, starting with the 6 Hours of Silverstone in April and including the 24 Hours of Le Mans in June.

Nissan's Carlos Ghosn offers to wear electronic ankle tag if released

TOKYO — Ousted Nissan Chairman Carlos Ghosn has offered to wear an electronic ankle tag and hire guards to monitor him in an unusual bid to secure his release on bail after two months of harsh detention in Japan for alleged financial crimes. Ghosn is also willing to remain in Tokyo, where he has leased an apartment, and post stock he owns in Nissan as collateral, his spokeswoman said. A new bail hearing is set for Monday after an earlier request was denied due partly to concerns the French executive was a flight risk. His release would allow Ghosn to meet more frequently with his lawyers and defend himself before the board of Renault, where he remains chairman and CEO, amid calls for his removal and potential moves to restructure the Nissan tie-up. Ghosn denies any wrongdoing as he awaits trial on charges of financial misconduct. "I will attend my trial not only because I am legally obligated to do so, but because I am eager to finally have the opportunity to defend myself," Ghosn said in a statement on Sunday. "I am not guilty of the charges against me, and I look forward to defending my reputation in the courtroom." Meanwhile, Ghosn's wife, Carole Ghosn, has written to French President Emmanuel Macron to discuss her husband's situation, her public relations representative said. The representative, Devon Spurgeon, confirmed a report in French paper Journal du Dimanche that a letter had been sent to Macron this month, but declined to provide details. France wants a full merger As Ghosn's arrest on Nov. 19 continued to cloud the outlook for Nissan's three-way alliance with France's Renault and Mitsubishi Motors, Nissan said it was not the time to discuss revising the partners' capital ties. Ghosn, who spearheaded Nissan's turnaround two decades ago, had pushed for a deeper tie-up between Nissan and Renault, including possibly a full merger by 2020, despite strong reservations at the Japanese firm. "We are not at the stage for such discussions," Nissan CEO Hiroto Saikawa told reporters on Monday. Saikawa said he had not heard directly about a reported proposal by the French government to integrate the Japanese carmaker's management with Renault. The Nikkei newspaper reported on Sunday that a French government delegation had informed Tokyo that it would seek an integration of Renault and Nissan, most likely under the umbrella of a single holding company. "Since I have not heard this directly, I cannot comment," Saikawa told reporters.