Nissan-A’s proposal to nominate Renault as the parent company was rejected at the AGM, Company News

Nissan-A’s proposal to nominate Renault as the parent company was rejected at the AGM, Company News

TOKYO, Jun 28 (Reuters) – Nissan Motor shareholders at the Japanese car manufacturer’s annual general meeting on Tuesday rejected an investor’s proposal that would lead to the disclosure of a deal that details his partnership with Renault, 43% of its capitalists. .

Prior to the meeting, the shareholder volunteered to nominate Renault as the parent company of Nissan, which law will require the publication of a 23-year agreement that details the financial and business cooperation of the two traders.

The lack of publication of the agreement prevents shareholders from negotiating a union, which therefore remains “unequal”, said the investor. Nissan owns only 15 percent of the non-voting shares in Renault.

Observers are expected to see a French car manufacturer block the proposal. Nissan stated last month, however, that it would disclose the contents of the agreement in its annual warranty report, provided it does not violate the privacy obligation.

The full post would show the scope of this agreement (the Restoration of the Union Agreement) concluded when Renault rescued Nissan from the brink of bankruptcy. The deal, which allows Renault to increase its stake in Nissan management, has long been a source of tension.

The Franco-Japan coalition, which Mitsubishi Motors Corp joined in 2016, has been weakened since the end of 2018 by the embarrassment of its historic leader Carlos Ghosn. The two car manufacturers have pledged to gather more resources and come together to build electric vehicles (EVs).

Renault said in April, however, that all options are available as it restructured its business to address the rapid supply of automotive industry, as well as its possible stock market list for its EV unit.

For the founders of the Nissan electric car, it is too early to consider separating its EV unit, its chief operating officer said last month. (Report by Satoshi Sugiyama; French edition by Dagmarah Mackos, edited by Jean-Stéphane Brosse)