• Kyodo

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Carlos Ghosn, chairman and chief executive officer of the alliance between Renault SA, Mitsubishi Motors Corp. and Nissan Motor Co., said Friday there is “zero chance” that the French automaker will make the two other companies wholly owned subsidiaries.

“Anybody who will ask Nissan, Mitsubishi to become fully owned subsidiary of Renault has zero chance of getting the result,” Ghosn told shareholders of Mitsubishi Motors at their annual meeting in Tokyo. “We do not believe that companies where you have one company dominating the others are sustainable. It doesn’t work.”

Under a capital alliance formed in 1999, Renault holds a 43 percent stake in Nissan, while the Japanese automaker owns 15 percent of Renault. In 2016, Nissan acquired a 34 percent stake in Mitsubishi, forming the three-way alliance.

Ghosn, who is also chief executive officer of Renault, said in March he may review the capital structure of the group to assure stakeholders that the alliance of the three automakers will be sustained.

At the meeting, Mitsubishi Motors shareholders expressed concern that it could lose its strengths or be taken over by Nissan or Renault.

“If Nissan wanted to acquire Mitsubishi, Nissan would have bought all of Mitsubishi,” Ghosn said. “We did it because we don’t believe in acquisition we believe in partnership. And this is the essence of alliance.”

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