July 5, 2006
Nissan and GM issue statements regarding alliance proposal
Detroit, Michigan – General Motors and Nissan have issued separate statements regarding a possible three-way partnership alliance of GM, Nissan and Renault.
Last Friday, June 30, billionaire investor Kirk Kerkorian sent a letter to General Motors CEO Rick Wagoner, encouraging him to considering partnering with Nissan and Renault. Kerkorian’s investment firm Tracinda owns a 9.9 per cent share in GM.
In a statement issued on June 30, General Motors said it “has received no offer or proposal from Renault/Nissan with respect to its participating in the Renault/Nissan Alliance, as suggested in the 13-D Filing made today by the Tracinda Corporation. The Tracinda request will be taken under advisement by the GM Board of Directors. At this time, we have no further comment.”
In a statement issued at Tokyo on July 3, Nissan said that its Board of Directors met under the chairmanship of Nissan President and CEO Carlos Ghosn, and that the meeting included discussion on the events following Kerkorian’s initiative. The Board of Directors “approved that Nissan should proceed with exploratory discussions concerning a potential alliance with General Motors, if General Motors Corporation supports and endorses the proposal made by its shareholders,” the statement said. “The Board of Directors delegated all the necessary powers to the Chairman of the Board, President and CEO, Carlos Ghosn, to conduct any discussions and negotiations on this matter.”