According to Autonews, Renault is to hold a shareholders meeting today, during which an alliance with the German giant will be discussed. The main topic of the discussions will be, according to the source, the size of the stakes to be exchanged.
"Cooperation with Daimler will be the topic of the special board meeting that will take place on Tuesday, April 6," an unnamed source was quoted as saying by Autonews. "The principle of a stake swap, of below 10 percent, has been established."
"Renault has decided on a communication plan for April 7 -- it will be a press conference with the CEO (Carlos Ghosn), I think."
Earlier reports said Daimler would purchase a small 3 percent ownership in the French manufacturer by using treasury shares as a means to calm down investors over the 2009 lack of a dividend.
Since Renault holds 44.3 percent of Nissan and the Japanese have a 15 percent stake in the French carmaker, it is likely the Japanese will also get involved in the upcoming deal, As hinted before, the cross-ownership will most likely be symbolic and will represent the commitment made by the three sides, rather than an attempt to merge operations.
According to early estimates, the partnership will save each party involved “billions of euros.”
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