Nissan directors endorse steps to reach deal with Renault-sources

TOKYO : A Nissan Motor Co board committee reviewed proposals from Renault SA on Monday and endorsed pressing ahead on final terms for a reshaped alliance with its French partner, two people with knowledge of the matter told Reuters.

On Monday, Uchida briefed Nissan's independent directors on progress in the negotiations, such as recent proposals from Renault intended to address concerns by the Japanese automaker over safeguards for its technology, including hybrid systems, as the French company restructures, the people with knowledge of the meeting told Reuters.

The two companies are discussing reducing Renault's stake in Nissan from the current 43 per cent to 15 per cent, equal to Nissan’s stake in Renault. The 28 per cent stake in Nissan that Renault would sell would be transferred to a trust, people involved have said. Renault provided proposals intended to address those concerns, which were conveyed to the Nissan board committee by Uchida, a third person with knowledge of the discussions said. The exact nature of those proposals was not immediately known.

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