Fiat merger ‘behind us’: Renault chairman

Bloomberg

Renault SA Chairman Jean-Dominique Senard said he would back a tie up with Fiat Chrysler Automobiles NV should another opportunity arise to get a deal.
If the project with Fiat “were to come back under conditions that are acceptable for all, I would be delighted,” Senard told French senators at a hearing in Paris, adding that there’s nothing currently “on the table.”
For the moment, any deal is “behind us,” he said. Renault shares fell as much as 1.2 percent in early trading while Fiat dropped as much as 1.9 percent. The Fiat merger proposal was called off in June after French government representatives on Renault’s board refused to sign off on the plan because the carmaker had failed to win the backing of its Japanese partners.
Renault is seeking to reshape its partnership with Nissan Motor Co after the arrest of their former leader Carlos Ghosn in Japan. The companies were near an agreement on rebalancing their cross-shareholding structure in August, the Yomiuri newspaper reported last week, without saying where it got the information.
The two-decade partnership has been under strain for years, with Nissan seeking to reduce the French carmaker’s influence. Nissan owns 15 percent of Renault, with no voting rights, while Renault has 43 percent of the Japanese company with votes. The relationship soured after Ghosn was arrested in November on allegations of financial crimes. He has denied all charges.
Earlier this month, Nissan CEO Hiroto Saikawa stepped down following reports on his pay. A replacement is expected to be appointed by the end of October.