This just came in via email from Automotive News:
Investor Kirk Kerkorian is advocating an alliance between General Motors and Renault-Nissan, according to a securities filing.
Kerkorian, who controls 9.9 percent of GM stock, sent a letter to GM Chairman Rick Wagoner today “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.
Tracinda is a private investment corporation that Kerkorian owns.
Kerkorian also sent a letter to Carlos Ghosn, CEO of Renault and Nissan, and Louis Schweitzer, former Renault CEO. In the filing, Tracinda notes that Renault-Nissan is interested in buying “a significant minority interest” in GM. The filing also notes that Tracinda has been in contact with Ghosn.
UPDATE: GM are obviously treating the whole episode quite seriously. This waiting in my inbox when I woke up this morning…..
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.
A GM spokesman could not immediately be reached for comment.