Renault-Nissan considers GM stake
3 July 2006

Renault-Nissan has said it would consider expanding its alliance to other firms, amid mounting speculation that it might buy a stake in General Motors.

Billionaire Kirk Kekorian, who owns a 9.9 per cent share in GM, has stated publicly that he believes the troubled American giant should consider joining forces with the French/Japanese partnership.

In a statement this morning, Renault-Nissan said, "The Renault-Nissan Alliance is an open partnership, which has never been restricted to two partners. Under the right circumstances and with the appropriate partners, the Alliance could be expanded further. Such an expansion would only be considered by the Alliance if it were executed in the full spirit of the Alliance, which is founded on trust, transparency, performance and the full respect for individual corporate and brand identity."

The boards of Nissan and Renault are now said to be investigating the possibility of buying Kekorian's stake in GM. But sources also suggest that the public statement might be a ploy on Kekorian's part, designed to force GM CEO Rick Wagoner to instigate further cost-cutting measures in an attempt to restore the firm to profitability.

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