The motor oil is pumping in my veins today. Automotive News reports:
DETROIT
— General Motors convened an emergency board meeting Friday to discuss
a proposal by shareholder Kirk Kerkorian to form an alliance between GM
and Renault-Nissan, say two sources close to the board.The hastily arranged meeting suggests that GM’s board is treating Kerkorian’s proposal with urgency.
In a securities filing, Kerkorian says that the Renault-Nissan
alliance is receptive to buying “a significant minority interest” in
GM. The filing also says that Kerkorian’s investment company, Tracinda
Corp., of Beverly Hills, Calif., has discussed the matter with Carlos
Ghosn, CEO of Renault and Nissan.
Kerkorian, who controls 9.9 percent of GM stock, sent a letter
to GM Chairman Rick Wagoner on Friday “in which Tracinda proposed that
General Motors’ Board of Directors establish a committee to immediately
and fully explore, together with management, a possible opportunity to
join the partnership-alliance between Renault, S.A. and Nissan Motor
Co., Ltd.,” the filing said.
