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Nissan desires Renault to cut back stake to revive Renault-FCA deal talks: WSJ

FILE PHOTO: The logos of automobile producers Renault and Nissan are seen in entrance of dealerships of the businesses in Reims, France, July 9, 2019. REUTERS/Christian Hartmann

(Reuters) – Carmakers Nissan Motor Co (7201.T) and Renault SA (RENA.PA) are attempting to succeed in a deal to reshape their international alliance, in hopes of reviving Renault’s merger talks with Italy’s Fiat Chrysler Cars NV (FCHA.MI), the Wall Avenue Journal reported on Friday, citing emails and folks briefed on the talks.

Nissan desires Renault to cut back its 43.4% stake within the Japanese auto firm, in line with emails reviewed by WSJ.

The discussions, that are at an early stage, began quickly after the potential deal between Renault and FCA collapsed, the report added. Talks might prolong till the top of the 12 months.

The negotiations might result in an preliminary memorandum of understanding on restructuring as early as September, the Journal reported, citing emails.

Nissan and FCA stated that they had no touch upon the WSJ report. Renault was not instantly out there for a remark.

FCA stated in June that it had deserted its $35 billion merger supply for Renault, blaming French politics for scuttling the deal. The French authorities owns a 15% stake in Renault.

Reuters had reported in June {that a} revival of the collapsed merger plans of FCA and Renault might hinge on the French carmaker chopping its stake in Nissan.

Reporting by Rishika Chatterjee and Kanishka Singh in Bengaluru; Enhancing by Sandra Maler


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