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No Renault deal by year-end as some at Nissan urge caution -sources

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TOKYO/PARIS : Nissan Motor Co Ltd doesn't expect to reach an agreement with top shareholder Renault by year-end on retooling their alliance as some of the Japanese automaker's board members are pushing to move cautiously, people familiar with the matter said. France's Renault SA wants Nissan to invest in a n

ew electric-vehicle unit it plans to spin off as part of a major overhaul. Nissan wants Renault to sell some of its roughly 43 per cent in the Japanese company to put the two carmakers on more equal footing, Reuters has previously reported.

There was some opposition from the board at the start of this month to the idea of closing the deal by year-end, one of the people added. Some members said that rushing to close the deal before addressing concerns - including on technology sharing - would fail to build on efforts to improve governance that followed the ouster of former alliance chairman Carlos Ghosn, the person said.

For Renault, any delay in Nissan talks risks slowing CEO Luca de Meo's timetable for the reboot he has promised investors. His sweeping plan includes a separate, pending deal with China's Geely Automobile Holdings Ltd to carve out Renault's petrol engine business. The sharing of technology had emerged as a sticking point in the Renault-Nissan talks, Reuters reported in October.The relationship between Nissan and Renault has long had political overtones.

 

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