GM board meets to discuss alliance with Renault, Nissan

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GM board meets to discuss alliance with Renault, Nissan
Posted 7/7/2006 8:10 AM ET

By Tom Krisher, Associated Press
DETROIT — Just as General Motors Chairman and Chief Executive Rick Wagoner's turnaround plan is starting to take hold, analysts say he now has to fight to keep it going and perhaps to save his career.
The battle begins Friday when GM's board meets via teleconference to discuss a plan from dissident shareholder and billionaire Kirk Kerkorian that would link GM (GM) with Renault of France and Nissan Motor of Japan.

If Kerkorian, who has been unhappy with the pace of change at GM, can convince some big investors of the plan's merits, Wagoner could be ousted and replaced by Carlos Ghosn, chief executive of both Renault and Nissan, who revived Nissan from near death.

Although GM officially says it will study the proposal from Kerkorian's Tracinda Corp. and judge it objectively, industry analysts and dealers who know Wagoner say he probably is building a coalition to fight Kerkorian.

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