Breaking: GM board gives green light to Nissan-Renault talks

General Motors' board announced Friday that it has instructed CEO Rick Wagoner to proceed with preliminary discussions exploring a possible three-way alliance with Nissan Motor and Renault SA. At the same time, GM Director George Fisher reaffirmed the board's support for the GM management team's North American restructuring strategy and its efforts to resolve the Delphi situation.
Following GM's announcement, Renault issued a statement supporting the discussions, saying, "Following GM's board decision, we look forward to starting the discussion process soon."

Next up: a meeting between Carlos Ghosn and Rick Wagoner, set for later this month.

[Source: Reuters]

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