Renault will propose a plan for Nissan to create a holding company that will offer both manufacturers the same conditions Renault wants to integrate more with its Japanese partner, Nikkei said.

According to the proposal, the two producers would mention an almost equal number of board members in the new company, where the shares in Nissan and Renault would be transferred in a balanced manner, the newspaper said without references.

This will increase the French government’s share in Renault from the current 15% to about 7 to 8%, the report reported. The new company will have its head office in a third country such as Singapore.

Renault plans to present the proposal to Nissan soon, Nikkei said after changing a merger page previously rejected by Nissan on April 12.

Nissan refused to comment.

“We have always said, and we always say the same, we want the alliance to be irreversible,” said Clotilde Delbos, Renault’s Chief Financial Officer, during the conference call from the first quarter of Friday night when they asked about their projects. “This is what we are pursuing with Nissan.”

The report’s proposals stem from the perspective of Allianz, one of the world’s largest automakers, since the arrest of chief architect Carlos Ghosn in November for financial misunderstanding.

This is also due to Nissan’s financial difficulties, which after years’ volume concentration is intended to build the brand, especially in the US, the largest market.

Earlier this week, the Japanese machine’s performance management declined for last year’s lowest level of nearly 10 years, reflecting the weakness of its US operations.

For years, Renault has been competing for a closer merger with Nissan, which was rescued in bankruptcy two decades ago. Ghosn worked for a deeper integration before being arrested in November last year for financial disciplinary sanctions.

While car manufacturers have consolidated many of their business over the past decade, including buying and manufacturing, many Nissan leaders have opposed a full merger with Renault.

Instead, Nissan has requested an attitude like Renault, which shares 43 percent of its largest partner. Nissan has a 15% stake in Renault.

As Renault-Nissan B.V. It was crucial to vote on the important decisions of the new company. The case was a strategic management company that jointly belongs to both companies and monitors the association’s activities.

The company was discontinued last month following an internal investigation by Nissan after the arrest of Ghosn and said the company may have been involved in the former president’s financial failure.Nissan’s partnership with Mitsubishi Motors, which owns 34%, will remain unchanged under the new proposal, Nikkei said.

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