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GM Approves Talks with Nissan

Monday July 10, 2006

GM’s board has decided to approve – during a meeting held last Friday – the exploration of a possible future three-way alliance between themselves, Nissan and Renault. The pressure is now on GM’s CEO, Rick Wagoner, who has been put in charge of the talks related to the possible deal while he still faces the tough task of pulling-off a turnaround at the ailing automaker.

Of course, news of the talks and the possibility of an alliance have already had their effects on GM’s stock, which has risen over 8% since Kerkorian went public with his proposal that GM explore the possibility of forming such an alliance: Which is something I’m quite sure he and his fellow shareholders smile at.

Wagoner is supposed to meet with Carlos Ghosn, CEO of Nissan-Renault, in Detroit sometime next friday in order to begin the talks.

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