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PROSPECT OF FOREIGN CONTROL OVER GM CAUSES STIR IN U.S.
ALLIANCE PROPSAL: Company votes to expore lin with Nissan, Renault.
DETROIT – It’s been said that what’s good for General Motors is good for the country.
But with a proposal now on the table to link the world’s largest automaker with Japan’s Nissan and France’s Renault, the question arises: which country?
Billionaire Kirk Kerkorian, who owns 9.9 percent of GM’s shares, is proposing that Renault SA and Nissan Motor co. each buy stakes in General Motors Corp. and add the American industrial icon to their existing alliance. Friday, GM’s board of directors voted to pursue “exploratory discussions” with Renault and Nissan.
The idea of foreign companies exerting control over GM doesn’t sit well with some U.S. politician, union leaders and admirers of the company. Their discomfort is compounded by the fact that the French state holds 15 percent of Renault.
“I’m in favour of Michigan wining. I’m in favour of jobs coming here and the concern is that if it’s controlled by businesses on another continent or other continents, that we may end up on the losing end,” Gov. Jennifer Granholm told reporters in Lansing.