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Renault near Nissan bid?
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March 16, 1999: 12:53 a.m. ET
French-Japanese talks continue; reports say announcement Tuesday
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NEW YORK (CNNfn) - Renault continued talking with Nissan on Tuesday, and published reports said the French car maker could announce a deal to take control of the beleaguered Japanese manufacturer as soon as Tuesday afternoon.
In Tokyo Tuesday, a Nissan spokesman confirmed that executives there were still in talks with Renault, but he said the French company had made no offer, and he declined to comment on reports that Renault would make an announcement Tuesday night in Paris.
The Wall Street Journal said Renault would offer to buy a third of Nissan for 400 million yen ($3.37 billion).
Renault would appoint a chief operating officer to Nissan to handle day-to-day operations and have a seat on Nissan's board, according to the Nihon Keizai Shimbun, the Japanese business newspaper.
The pressure has been increasing on Nissan since last week, when global auto giant DaimlerChrysler (DCX) walked out on talks.
Nissan and Renault have been talking at least since January. Analysts have said Renault's design expertise would complement Nissan's superb production efficiency. In terms of geography Nissan would offer the French group a presence in Asia and North America.
But Nissan's debt problems, along with issues of corporate culture and global geography, could make any combination difficult, analysts have warned.
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Nissan USA
Renault
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