Renault is offering some concessions to Nissan Motor as it tries to clinch a deal to reboot a more than two-decade alliance, according to sources.
Nissan’s independent board of directors are due to meet early next week to consider several proposals by Renault, said the people. These include reassurances to help ease Nissan’s concerns over shared intellectual property, one of the sticking points in the negotiations, the people said.
There’s also acknowledgment on Renault’s part that Nissan may invest less than hoped in the French car maker’s electric vehicle business Ampere that it’s currently carving out, the people said.
Renault sees potential for a roughly €10 billion ($10.8 billion) valuation for the unit and is planning an initial public offering for the second part of the year, depending on market conditions.
Nissan doesn’t agree with this valuation level and made no decision yet on Ampere, said the people. It may end up buying less than the originally planned 15 per cent stake, they said.
While Renault is making last-mile efforts to clinch the deal, the concessions remain minor and the car maker’s main focus is still execution of its strategic plan and profitability.
Those efforts are paying off, with the stock up almost 75 per cent since hitting a low on March 8, when Renault was under pressure because of a Russian business it no longer owns.
Renault is in the middle of a complex split of its business into five different units, while negotiating with Nissan ways to rebalance an alliance with lopsided capital ties that has become a source of friction over the years.
While Nissan chief executive Makoto Uchida wants to move quickly with the agreement, the company’s independent directors are worried about the implications for the Japanese company from Renault’s reorganisation, which has delayed the deal, several people said.
There’s also concern over Renault’s legacy combustion-engine business partner, China’s Zhejiang Geely Holding, gaining access to joint technology.
Nissan Patrol 2023 - in pictures
The talks between the two companies and junior alliance partner Mitsubishi Motors got new impetus earlier this week when French President Emmanuel Macron met with Japan’s Prime Minister Fumio Kishida to reassure him that the French government backs Renault’s rebalancing plan and won’t seek a Renault-Nissan merger.
Past pressure for a merger from the French government, Renault’s most powerful investor with a 15 per cent stake, is one of the reasons relations between the two companies became fraught over the years.
The rebalancing will mean Renault selling 28 per cent of Nissan over time so that they each end up with equal, 15 per cent holdings in the other company.
As part of the proposals currently under discussion, Nissan won’t allow sharing of its e-Power hybrid technology within Horse, an entity Renault is creating for its legacy combustion-engine assets, the people said. Horse will be an equal partnership with Geely.
Renault chairman Jean-Dominique Senard and chief executive Luca de Meo are expected to attend in person the next alliance operating board meeting in Japan at the end of the month, the people said.
The specs
Engine: 3.0-litre six-cylinder MHEV
Power: 360bhp
Torque: 500Nm
Transmission: eight-speed automatic
Price: from Dh282,870
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
US PGA Championship in numbers
1 Joost Luiten produced a memorable hole in one at the par-three fourth in the first round.
2 To date, the only two players to win the PGA Championship after winning the week before are Rory McIlroy (2014 WGC-Bridgestone Invitational) and Tiger Woods (2007, WGC-Bridgestone Invitational). Hideki Matsuyama or Chris Stroud could have made it three.
3 Number of seasons without a major for McIlroy, who finished in a tie for 22nd.
4 Louis Oosthuizen has now finished second in all four of the game's major championships.
5 In the fifth hole of the final round, McIlroy holed his longest putt of the week - from 16ft 8in - for birdie.
6 For the sixth successive year, play was disrupted by bad weather with a delay of one hour and 43 minutes on Friday.
7 Seven under par (64) was the best round of the week, shot by Matsuyama and Francesco Molinari on Day 2.
8 Number of shots taken by Jason Day on the 18th hole in round three after a risky recovery shot backfired.
9 Jon Rahm's age in months the last time Phil Mickelson missed the cut in the US PGA, in 1995.
10 Jimmy Walker's opening round as defending champion was a 10-over-par 81.
11 The par-four 11th coincidentally ranked as the 11th hardest hole overall with a scoring average of 4.192.
12 Paul Casey was a combined 12 under par for his first round in this year's majors.
13 The average world ranking of the last 13 PGA winners before this week was 25. Kevin Kisner began the week ranked 25th.
14 The world ranking of Justin Thomas before his victory.
15 Of the top 15 players after 54 holes, only Oosthuizen had previously won a major.
16 The par-four 16th marks the start of Quail Hollow's so-called "Green Mile" of finishing holes, some of the toughest in golf.
17 The first round scoring average of the last 17 major champions was 67.2. Kisner and Thorbjorn Olesen shot 67 on day one at Quail Hollow.
18 For the first time in 18 majors, the eventual winner was over par after round one (Thomas shot 73).
Ponti
Sharlene Teo, Pan Macmillan
How to get there
Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
