Renault-Nissan and GM Joint Statement: Ghosn & Wagoner to start 90 day study of a potential 3way alliance

In a joint statement made after yesterday�s Detroit rendezvous between Renault-Nissan CEO, Carlos Ghosn and his American counterpart, Rick Wagoner, the potential �couple� revealed that they will assess the potential benefits of a three-way alliance over a period of three months and then decide whether to go ahead with the marriage.

Leaving aside the fact that a marriage between Renault, Nissan & GM may not produce the cost-savings which �best-man� Kirk Kerkorian believes it will, a lot of analysts are concerned that this is a really bad time for �match-making� as both CEO�s will be distracted from the very crucial work of reconstructing their companies.

Press Release: General Motors, Renault and Nissan today said that an exploratory discussion was held between Carlos Ghosn, President and Chief Executive Officer of Renault, SAS and Nissan Motor Co., Ltd., and Rick Wagoner, Chairman and Chief Executive Officer of General Motors, Corp., regarding the possibility of creating an industrial alliance among these three companies. The companies agreed to cooperate in an expeditious, confidential review of the potential benefits of such an alliance to each company and the feasibility of achieving them.

"We had a good discussion today, and are looking forward to having our teams work together to explore our ideas," said Wagoner and Ghosn. "It is important to let our teams work on this review without distraction and, therefore, we will not be providing further public comments about it at this time."

It is expected that this review will take approximately 90 days. Following this review, the companies will consider whether further exploration of the alliance concept is warranted.

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