PARIS - Fiat Chrysler Automobiles NV and Renault SA are looking for ways to resuscitate their collapsed merger plan and secure the approval of the French carmaker’s alliance partner Nissan Motor Co Ltd , according to several sources close to the companies.
The failure, which FCA and Renault blamed squarely on the French government, deprived both companies of an opportunity to create the world’s third-biggest carmaker with 5 billion euros in promised annual synergies. Alternatively, the escalating tensions and negotiating positions could give way to a breakthrough, as FCA-Renault’s industrial logic and savings prove hard to ignore.Saikawa, who has argued consistently that alliance shareholdings need “rebalancing” to reflect Nissan’s superior size, would press for a substantial reduction to Renault’s stake as part of any agreement, according to the same people. Nissan’s 15% stake in Renault carries no voting rights.
“All options can be considered,” Finance Minister Bruno Le Maire told Le Figaro after the deal collapsed, when asked about Japanese pressure for Renault to reduce its Nissan stake. FCA has already floated a call option that would allow Nissan to increase its 7.5% voting stake in the combined FCA-Renault, another person involved in the talks said.
Or the French government,
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