TOKYO: A French government delegation has informed Tokyo that it would seek an integration of Renault and Nissan, most likely under the umbrella of a single holding company, the Nikkei reported on Sunday.
The delegation, which included French government-designated Renault director Martin Vial, also said that it wanted to name Nissan’s next chairman, according to the report. Nissan was not immediately available for comment.
Nissan ex-chairman Carlos Ghosn, arrested and detained in Tokyo since Nov. 19, has been indicted in Japan on charges of under-reporting his salary for eight years through March 2018, and temporarily transferring personal investment losses to Nissan during the global financial crisis. Ghosn has denied all charges.
The French government has requested Renault hold a board meeting in coming days to replace Ghosn. Finance Minister Bruno Le Maire said in a newspaper interview published on Sunday that Michelin Chief Executive Jean-Dominique Senard could be a good choice to head Renault.
“The French state, as shareholder, will have its say. What I can tell you, is that Jean-Dominique Senard has a renowned competence with regards to the automobile industry,” Le Maire told France’s Journal du Dimanche newspaper.
France seeks Renault, Nissan integration: Nikkei
France seeks Renault, Nissan integration: Nikkei
- Companies to be integrated most likely under the umbrella of a single holding company
- Nissan ex-chairman Carlos Ghosn has been arrested and detained in Tokyo since November 19
Closing Bell: Saudi stocks slip as Tadawul falls 1% amid broad market weakness
RIYADH: Saudi stocks fell sharply on Tuesday, with the Tadawul All Share Index closing down 108.14 points, or 1.03 percent, at 10,381.51.
The broader decline was reflected across major indices. The MSCI Tadawul 30 Index slipped 0.78 percent to 1,378.00, while Nomu, the parallel market index, fell 1 percent to 23,040.79.
Market breadth was strongly negative on the main board, with 237 stocks falling compared to just 24 gainers. Trading activity remained robust, with 164.7 million shares changing hands and a total traded value of SR3.19 billion ($850.6 million).
Among the gainers, SEDCO Capital REIT Fund led, rising 2.73 percent to SR6.77, followed by Chubb Arabia Cooperative Insurance Co., which gained 2.69 percent to SR20.20.
National Medical Care Co. added 1.72 percent to close at SR141.60, while Alyamamah Steel Industries Co. and Thimar Advertising, Public Relations and Marketing Co. advanced 1.57 percent and 1.13 percent, respectively.
Losses were led by Al Masar Al Shamil Education Co., which tumbled 8.36 percent to SR24.65. Raoom Trading Co.fell 6.75 percent to SR64.20, while Alkhaleej Training and Education Co. dropped 6.60 percent to SR18.12 and Naqi Water Co. declined 5.51 percent to SR54.00. Gulf General Cooperative Insurance Co. closed 5.44 percent lower at SR3.65.
On the announcement front, Chubb Arabia Cooperative Insurance Co. signed a multiyear insurance agreement with Saudi Electricity Co. to provide various coverages, expected to positively impact its financial results over the 2025–2026 period. The deal will run for three years and two months and is within the company’s normal course of business.
Meanwhile, Bupa Arabia for Cooperative Insurance Co. announced a one-year health insurance contract with Saudi National Bank, valued at SR330.2 million, covering the bank’s employees and their families from January 2026. Despite the sizable contract, Bupa Arabia shares fell 0.8 percent to close at SR137, weighed down by the broader market weakness.
In contrast, United Cooperative Assurance Co. revealed an extension of its engineering insurance agreement with Saudi Binladin Group for the Grand Mosque expansion in Makkah. The contract value exceeds 20 percent of the company’s gross written premiums based on its latest audited financials and is expected to support results through 2026. However, the stock came under selling pressure, ending the session down 4.51 percent at SR3.39.
