Nissan renews attempt to tie up with Renault

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The Independent Online
NISSAN YESTERDAY redoubled its efforts to forge an alliance with Renault after negotiations over DaimlerChrysler taking an equity stake in the ailing Japanese car manufacturer collapsed.

The Renault chairman, Louis Schweitzer, confirmed at the Geneva Motor Show that the French group was continuing to study a tie-up with Nissan. In Tokyo, a Nissan spokesman said it would seek other partners, with Renault high on the list of possible tie-ups.

DaimlerChrysler is thought to have pulled out of the talks because of concerns over Nissan's $36bn of debts. The negotiations' collapse also means that DaimlerChrysler will not buy Nissan's 40 per cent stake in the truck maker Nissan Diesel.

After meeting the Nissan president Yoshikazu Hanawa in Tokyo, the DaimlerChrysler chairman, Jurgen Schrempp, said: "We discussed our options very openly and in a friendly atmosphere, but finally decided not to pursue a participation."

Mr Schrempp said the two companies would continue with joint projects for light trucks.