Breaking: Renault board approves discussions of GM-Nissan deal
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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