that would see Renault lower its own 43% stake in Nissan to about 15% over time, Bloomberg News has reported.
Talks are ongoing and a non-binding agreement hasn’t been signed yet, said the people, who asked not to be identified discussing non-public information. There’s a chance plans could change or the negotiations could fall apart. Failure to sign a non-binding agreement by mid-December could mean the potential deal slipping into 2023, the people said.Executives at the two automakers and alliance partner Mitsubishi Motors Corp.
The alliance was struggling even before the 2018 toppling of Carlos Ghosn, who at the time was its chairman. The globetrotting executive was widely seen as the glue that held the group together. The need to reset the alliance comes as automakers such as Renault and Nissan are forced to reinvent their strategies to navigate a difficult and costly transition to electrification.
Renault chairman Jean-Dominique Senard and CEO Luca de Meo both expressed optimism about the ongoing talks in recent weeks, but they called the negotiations complex and warned about setting any deadlines.