France’s Renault SA intends to restart merger talks with Japan’s Nissan Motor Co. Ltd. within 12 months, after which it will set sight on a bid to buy Fiat Chrysler Automobiles NV, the Financial Times reported on Wednesday.
The plans signal a return to the strategies supported by former Nissan boss Carlos Ghosn who held talks about merging Renault with Fiat Chrysler two to three years ago, FT said citing sources familiar with the matter, adding that the proposal was opposed by the French government back then.
Late last year, Ghosn was ousted as Nissan chair and arrested in Tokyo on financial misconduct charges of under-reporting his salary. Ghosn has said the charges were “meritless.”
The recent formation of a new alliance board led by Renault Chairman Jean-Dominique Senard has led to an increase in confidence that the two parties can now push ahead with the merger plans, according to FT.
Fiat Chrysler is also seeking a partnership or merger and the company is holding talks with rivals for a deal, FT reported.
Fiat did not immediately respond to Reuters’ request for comment. A Renault spokesman declined to comment. Nissan said it did not comment on rumors.
Renault aims to restart Nissan merger talks within 12 months
Renault aims to restart Nissan merger talks within 12 months
- The merger was actually part of previously ousted Carlos Ghosn
- Ghosn was arrested in Tokyo on charges of under-reporting his salary
Closing Bell: Saudi main index closes in red at 11,167
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 46.43 points, or 0.41 percent, to close at 11,167.54.
The total trading turnover of the benchmark index was SR4.88 billion ($1.30 billion), as 66 of the listed stocks advanced, while 192 retreated.
The MSCI Tadawul Index decreased, down 5.52 points, or 0.37 percent, to close at 1,506.55.
The Kingdom’s parallel market Nomu lost 153.40 points, or 0.65 percent, to close at 23,486.52. This comes as 32 of the listed stocks advanced, while 31 retreated.
The best-performing stock was Tourism Enterprise Co., with its share price surging 9.95 percent to SR14.36.
Other top performers included Mobile Telecommunication Co., Saudi Arabia, which saw its share price rise by 5.32 percent to SR11.48, and Al Masar Al Shamil Education Co., which saw a 4.86 percent increase to SR22.89.
On the downside, Almoosa Health Co. was the day’s weakest performer, with its share price falling 4.81 percent to SR150.40.
Dallah Healthcare Co. fell 3.81 percent to SR113.50, while Saudi Research and Media Group dropped 3.44 percent to SR100.90.
On the corporate front, Arabian Plastic Industrial Co. has signed a non-binding memorandum of understanding with K. K. Nag to explore the establishment of a specialized manufacturing facility for expanded polypropylene products.
According to a Tadawul statement, the agreement sets out initial mutual obligations and rights between the two parties as part of APICO’s broader expansion strategy to increase production capacity and meet rising industrial demand.
The company’s share price rose 1.21 percent to SR43.52 on the parallel market.
