With Nissan's board of directors already on record as supporting discussions of the possible three-way deal between General Motors, Nissan and Renault, the French automaker's board met Monday to discuss the Ghosn and Kerkorian proposal. The company issued a terse press release after the board meeting, saying "The Board of Directors approved the position proposed by Carlos Ghosn: Exploratory discussions with General Motors, concerning a potential alliance, could start if General Motors Corporation makes the proposal."

Renault's board was expected to be a harder sell than Nissan's - the reaction of European analysts has been largely negative, with a GM deal seen as having no short- to medium-term benefits to Renault, while adding the risk of distracting management during Renault's vitally important restructuring program, currently in its early stages. Buying in to the deal would likely cost Renault about $1.66 billion, putting downward pressure on its credit rating - another mark against the three-way arrangement.

Sounds like the ball is in GM's court now...

[Sources: Renault, Reuters]

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