Renault, Nissan say partnership not headed for break-up

Carlos Ghosn, Chairman and CEO of the Renault-Nissan Alliance, attends a round table discussion during Auto China 2016 auto show in Beijing April 25, 2016. REUTERS/Kim Kyung-Hoon

French carmaker Renault and Japanese partner Nissan Motor said their alliance was in no danger of being dissolved, denying a media report of a potential break-up that sent their shares skidding to multiyear lows.

The alliance, which also includes Japan’s Mitsubishi Motors Corp, is “solid, robust, everything but dead,” the chairman of Renault, Jean-Philippe Senard, told Belgian newspaper L’Echo.

Nissan, in response to “speculative international media reports,” said it was “in no way considering dissolving the alliance.”

“The alliance is the source of Nissan’s competitiveness,” the Japanese automaker said in a statement. “Through the alliance, to achieve sustainable and profitable growth, Nissan will look to continue delivering win-win results for all member companies.”

Renault shares hit six-year lows on Monday as investors worried the French group’s 20-year cost-sharing alliance with Nissan was headed for a break-up without Carlos Ghosn to hold it together.

Long-standing tensions in the Franco-Japanese partnership have been heightened since Ghosn’s arrest in Tokyo in November 2018 on allegations of financial misconduct, which he denies.

A Financial Times report on Monday that Nissan executives are making contingency plans for a split with Renault appeared to accelerate a sell-off in the French manufacturer’s shares.

Nissan shares tumbled to their lowest in 8-1/2 years on Tuesday in Tokyo.

Reuters 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.