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News > International
Renault near Nissan bid?
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.Back to top

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.