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MarketScreener Homepage  >  Equities  >  Tokyo  >  Nissan Motor Co Ltd    7201   JP3672400003

NISSAN MOTOR CO LTD

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Renault's Senard to meet Nissan CEO Saikawa in Japan this week: Nissan

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02/12/2019 | 01:02am EST
Jean-Dominique Senard, newly-appointed Chairman of Renault, and Thierry Bollore, newly-appointed CEO of Renault, talk to journalists after French carmaker Renault's board of directors meeting in Boulogne-Billancourt, near Paris

TOKYO (Reuters) - Renault chairman will meet Nissan Motor's CEO this week in Japan as they look at ways to cement their partnership after the ouster of former alliance leader Carlos Ghosn, the Japanese automaker said on Tuesday.

Jean-Dominique Senard, named chairman of the French automaker last month, will visit Nissan's headquarters in Yokohama to meet the company's executives and become better acquainted with its Japanese partner.

"Nissan CEO Hiroto Saikawa is eager to familiarize Senard with Nissan and Alliance operations to optimize their work together," the automaker said in a statement.

Earlier in the day, Saikawa told Japanese media that he was keen to smooth Nissan-Renault relations that have been strained in the past few months following Ghosn's arrest in Tokyo and his immediate dismissal as Nissan chairman.

"First of all, we have to restore trust and stabilize the relationship," the Nikkei quoted Saikawa as saying. "We want him to know more about Nissan's (management) team."

Kyodo news reported that Senard would visit for two days from Feb. 14.

Senard, formerly CEO of tire maker Michelin, joined Renault as chairman in late January after Ghosn was forced to resign from the French automaker in the wake of his arrest on allegations of financial misconduct.

Ghosn has been indicted in Japan for under-reporting his Nissan salary for eight years and temporarily transferring personal losses on to the automaker's books around during the global financial crisis.

The once-feted executive, credited for turning around both Renault and Nissan, remains in detention as he awaits trial that could be several months away. He denies any wrongdoing.

Speculation about the future capital structure of the Renault-Nissan partnership has been rife since the arrest of Ghosn, who had been exploring ways to make the alliance "irreversible" before his arrest.

But Saikawa has argued it is not time to discuss the ideal structure of the alliance, although he has said he wants to work closely with Senard who will likely sit on Nissan's board.

The automaking alliance has been underpinned by Renault's 43.4 percent stake in Nissan, which in turn owns a 15 percent non-voting stake in Renault.

The French government owns a 15 percent stake in Renault.

The head of Japan's industry ministry on Tuesday denied media reports that the government had been told by France that it could lower its stake in Nissan, Jiji news reported, echoing a similar denial by France's finance ministry last week.

(Reporting by Naomi Tajitsu and Maki Shiraki; Editing by Himani Sarkar)

Stocks mentioned in the article
ChangeLast1st jan.
NIKKEI 225 -1.13% 20900.63 Real-time Quote.4.43%
NISSAN MOTOR CO LTD -0.95% 935 End-of-day quote.9.22%
RENAULT 3.58% 59.63 Real-time Quote.9.31%
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Financials (JPY)
Sales 2019 11 768 B
EBIT 2019 -
Net income 2019 511 B
Debt 2019 6 545 B
Yield 2019 6,07%
P/E ratio 2019 7,10
P/E ratio 2020 6,60
EV / Sales 2019 0,89x
EV / Sales 2020 0,87x
Capitalization 3 946 B
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Mean consensus HOLD
Number of Analysts 20
Average target price 1 033  JPY
Spread / Average Target 10%
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Managers
NameTitle
Hiroto Saikawa Vice Chairman, President & Chief Executive Officer
Hiroshi Karube Chief Financial Officer
Takao Asami Senior Managing Executive Officer & Head-Research
Anthony Thomas Chief Information Officer & Corporate VP
Carlos Ghosn Bichara Director
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