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GM Opts to Continue Renault/Nissan Partnership Talks

GM to Engage in Exploratory Talks

After what may go down in GM history as one of the most important meetings ever called to order in the Detroit firms history, the message has come down from on high: General Motors will engage in exploratory discussions with Nissan and Renault pertaining to a potential alliance between the three.

Initially proposed by the Tracinda Corporation of Beverly Hills headed by Kirk Kerkorian, one of GMs largest shareholders, the proposal was made public by Nissan and Renaults boards. The proposal entailed the already-partnered Renault, Frances largest automaker, and Nissan, Japans second largest automaker, joining forces with GM to help resolve the struggling automakers issues.

"The GM Board of Directors authorized management to proceed with its plan to consider ideas the other two companies

Kerkorian, who holds a 9.9 percent stake in GM, proposed the alliance.

have and to weigh the potential benefits of such an alliance in order to assist the Board in its decision making," said GM Director George Fisher. "Management will keep the Board well informed and the directors, of course, will closely monitor the process to assure that its outcome serves the best interests of all GM shareholders. The Board continues to fully support the companys North American turnaround strategy, and we encourage management to also continue its efforts to conclude a satisfactory resolution of the issues associated with the Delphi bankruptcy and to complete the pending GMAC transaction."

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