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Harden the tone. Nine days after the surprise arrest of Carlos Ghosn in Tokyo, the pressure rises in France. On the eve of the first meeting of the Renault-Nissan Alliance without its architect, the French State and Renault have not yet had access to the internal investigation of Nissan, a thick document that lists all the alleged malpractices of the now former boss of the Japanese manufacturer. He will know moreover Friday if his custody is prolonged. In the meantime, Emmanuel Macron has planned to discuss the situation at the end of the week with the Japanese Prime Minister at the G20 meeting in Buenos Aires.
"In case of a balance of power, we are ready to take out the heavy artillery, and ask Renault to increase its participation in Nissan," warned a government adviser. An extreme scenario that would do damage to all parties, neither Renault nor Nissan having an industrial interest in the divorce. In the entourage of Renault, it was recalled Wednesday that each time the state had intervened in the Alliance, it had complicated relations with the Japanese group.
In the archipelago, we feel the will to negotiate to rebalance the alliance – the eviction of Carlos Ghosn having obviously released some accumulated resentment. If Renault owns 43.4% of Nissan, the Japanese group holds only 15% of the Diamond, without voting rights. For Nissan's old guard, the architecture defined in 1999, when the two companies each produced 2.4 million vehicles a year, must be renovated to take account of the new balance of power: Nissan, with the reinforcement of Mitsubishi, sells 5.8 million vehicles per year against 3.8 million for Renault.
"The 40% rule"
Anxious to boost his autonomy, the Japanese industrialist explains in off want to try to free himself from "the rule of 40%", that he lives like a straitjacket. Under cross-shareholding laws, when a company owns more than 40% of another company, the latter automatically loses its voting rights in the company that controls it. Nissan could therefore suggest to Renault, which owns 43.4% of its capital, a small concession to recover its voting rights within the French manufacturer.
More explosive, the Japanese group could also threaten to raise the capital of Renault 25%, against 15% today, this time to take advantage of Japanese law that automatically deprive the French of voting rights at Nissan.
So many delicate schemes to accept for Renault. The Minister of Economy Bruno Le Maire has already pbaded the message. "I do not want any change in the balance of power between Renault and Nissan, levels of cross-shareholdings. Sharing is good, the balance is good, "he said Wednesday morning, claiming the transmission of the folder mounted by Nissan.
"As Renault's main reference shareholder, the state asked for this evidence. Well, I renew this request, "said the minister, adding that the CEO of Renault should in any case" remain the president of the Alliance. " Can a Nissan coup by respecting the Rama (the agreement governing relations between the two parties)? "No," said a senior source in Bercy last week.
State of shock
Monday, Hiroto Saikawa, CEO of Nissan, had explained to his employees in Yokohama. "We just ended serious mistakes. The partnership with Renault […] must be maintained, "he said according to one of the present. The manager also acknowledged that "in France, Renault must be in shock". to say the least. "Everything shattered. Our relationship as we have known it for fifteen years is dead. Hiroto Saikawa could have made the trip on Thursday in Amsterdam to show his goodwill at the meeting of the Alliance, he did not do it, "sums up a source at Renault.
Julien Dupont-Calbo
Anne Feitz
Yann Rousseau, Tokyo
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