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The Most of the Nissan Board of Directors agreed to refuse transactions after the majority of Honda and Nissan’s $ 58 billion of the Nissan Board of Directors to completely turn their rivals into their own subsidiaries. It’s on crisis.
The two groups published discussions on combinations in December, but just 40 days later, Honda faced the shareholder and internal pressure, so that three people are familiar with this problem. Consultation has deteriorated to take full ownership to revive the car manufacturer.
The latest proposals delivered to Nissan on the weekend deviated from the first plan to take two companies under the shareholding company that owned.
According to people with knowledge of negotiations, tensions appeared early in negotiations, as rivals collided with assets and ratio.
Nissan executives were surprised at the new proposal, which was proposed to “take it or leave it,” but the company said that the company would make a formal decision later this month.
After approaching Renault, the Taiwanese iPhone contract manufacturer, FoxConn, approached Renault at the end of last year’s Nissan’s shares, caused a merger discussion. Renault was loading stocks in Nissan in 2023, after a 25 -year reorganization of the Alliance.
One of the direct knowledge of the discussion said that the meeting of the board of directors was raised on the return of Foxconn, but it was overwritten by the opposition to becoming a Honda subsidiary. Ta.
Another person near Nissan suggested that Honda’s sudden “aggressive” change of “aggressive” attitude is looking for a way to get out of the merger lecture.
Last week, Renault in France, who owns 36 % of Nissan’s shares, urged Japanese partners to negotiate a higher premium to explain Honda’s control. Renault also applied pressure to Nissan so as not to drag discussions due to concerns necessary to focus on business resurrection.
Renault repeated his position and said, “The latest information broadcasted by the press has not yet been determined by Honda and Nissan, and due to the paid transactions, Honda’s Nissan by Honda without a control premium. It suggests that the acquisition can be obtained. It added, “We will violently defend the interests of the group and its stakeholders.”
Nissan originally sold this transaction as a “merger of equality” and persuaded him to integrate the group Fact in the group with Honda, but those who are close to Renault are essentially controlled by Honda. I said there was.
With the weak financial performance of Nissan, the market capitalization collapsed to Honda fifth, distorting the balance of power in negotiations.
Nissan stocks decreased by nearly 5 %, and Honda increased by 8 % on Wednesday.
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In a press conference to announce the merger meeting in December, Honda’s Chief Squeezhiro Mibe needs a structure of a holding company to protect both brands, despite Honda’s first lead. I said.
He warned several times that the merger will only progress if Nissan reduces production capacity by 20 % and has succeeded in executing a turn around plan with 9,000 employment.
Honda and Nissan said in a statement on Wednesday that the direction of management and integration was finalized by the end of January, and that the plan was pushed back in mid -February.
