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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

Nissan's purchase of Mitsubishi is officially official

After the company's announcement in May, the Nissan's purchase of a 34 percent stake in Mitsubishi is now official. The deal cost Nissan $2.3 billion, according to the Wall Street Journal, and brings Mitsubishi into the Nissan-Renault Alliance. The company explained that this new partnership will manifest itself in shared vehicle platforms and technology, joint purchasing, and shared manufacturing. Nissan also said that this purchase will make the company one of the three largest companies by volume in the world. Nissan also emphasized that Mitsubishi will very much be a partner in the current alliance with Renault. In addition, Carlos Ghosn, CEO of both Nissan and Renault, has been nominated to be the new chairman of the Mitsubishi board. With Ghosn at the head of the board, current Mitsubishi president and CEO, Osamu Masuko, will remain in his positions but Nissan's current chief competitive officer will join Masuko as co-chief executive officer at Mitsubishi. With these companies now working together, we'll probably start seeing more commonality between Nissan and Mitsubishi products here in the States. It would also be a great opportunity to get some of Mitsubishi's cooler products here. Perhaps Mitsubishi and Nissan will take our hint about the Delica. This article has been revised to clarify that Nissan Motors purchased the stake in Mitsubishi, not the Nissan-Renault Alliance, and to add the value of the purchase. Related Video: News Source: Nissan, Wall Street JournalImage Credit: Issei Kato / Reuters Mitsubishi Nissan Renault renault-nissan alliance

Recharge Wrap-up: Nissan Leaf's UK milestone, SF's renewable diesel

San Francisco's municipal fleet will use renewable diesel, according to Mayor Edwin M. Lee. Switching to the greener fuel will reduce the fleet's greenhouse gas emissions by more than 60 percent. "By changing our fleet's fuel from petroleum to renewable diesel, we're taking action that is good for the global climate, and at the same time promotes environmental justice in our community by leading to cleaner, healthier air for some of our most vulnerable neighborhoods," Lee says. While renewable diesel is more expensive than the petroleum-based product, with government incentives, it could end up saving the city money. Read more from Biodiesel Magazine. Nissan has sold its 10,000th Leaf in the UK. As of July 6, Nissan has tallied 10,161 Leaf sales since its 2011 launch in the UK. More than half of those were sold in the last 12 months. Nissan sold 2,964 Leaf EVs in the first half of this year, an increase of 69.4 percent over last year. "The UK's electric vehicle market is growing at an extraordinary pace," says Nissan's James Wright, "and while it may be too early to talk about tipping points, today's achievement certainly indicates we're well on our way." The Nissan Leaf is the best selling battery electric vehicle in the UK. Read more from EV Meerkat. ClipperCreek has added a new 40-amp EV charger to its lineup. Called the HCS-50, the 240-volt level 2 charger is designed to serve both residential and commercial markets. "The HCS-50's rugged design and ample 25 foot charging cable make it a perfect solution for fleet and commercial applications," says ClipperCreek Sales Manager Will Barrett. "As battery range increases, the vehicle's ability to accept power is increasing, too, and the HCS-50 offers users extra power to get their vehicles charged up and back on the road fast." The HCS-50 charging station is priced at $835. Read more in the press release below. ClipperCreek Announces Availability of HCS-50 Electric Vehicle Charging Station Top selling EVSE manufacturer releases high-powered 40 amp EV charging station AUBURN, Calif., July 22, 2015 /PRNewswire/ -- ClipperCreek has added the HCS-50 electric vehicle charging station to their product line. The HCS-50 is a powerful and rugged 40 amp station paired with a highly durable rubber overmolded cable and vehicle connector. Offering power, reliability and value, this 240 volt, level 2 electric vehicle charging station, rated for both indoor and outdoor use, is priced at $835.