The French Connection: Renault-Nissan officially confirm interest in Kerkorian’s stake in GM

Renault-Nissan just publicised its official announcement concerning last week’s rumours of buying Kerkorians’s significant block of GM shares. Las Vegas billionaire Kirk Kerkorian - GM's largest shareholder with 9.9 % of the company's stock, is said to have made this move in order to pressure GM’s CEO, Rick Wagoner to accelerate the company’s turnaround

Renault-Nissan state in the press release that they are open to alliances as long as all parts support the move. So what does the future behold for GM ? That's probably the million dollar question...

RENAULT-NISSAN STATEMENT

The Renault-Nissan Alliance is an open partnership, which has never been restricted to two partners. Under the right circumstances and with the appropriate partners, the Alliance could be expanded further. Such an expansion would only be considered by the Alliance if it were executed in the full spirit of the Alliance, which is founded on trust, transparency, performance and the full respect for individual corporate and brand identity.

Mr.Ghosn, President and CEO of Renault and Nissan was approached by Mr.Kerkorian, Mr.York and representatives of Tracinda Corporation to assess the merits of GM joining the Renault Nissan Alliance.

At this point, it is necessary that GM Board and top management fully support this project in order to start the study of this opportunity after agreement of Renault and Nissan boards.