UPDATE: Nissan CEO Pledges to Help Fix Renault Alliance

Nissan Motor Co. CEO Hiroto Saikawa has assured shareholders that the company will seek ways to repair its alliance with Renault SA, according to Bloomberg News.

An earlier report by Reuters said Saikawa intended to postpone discussions about the future of the Renault partnership so Nissan can focus on reviving its sagging sales and earnings.

But Bloomberg says Saikawa told shareholders earlier today that delaying the talks would undermine the alliance’s day-to-day operations and hamper Nissan’s recovery efforts. The 20-year-old Renault-Nissan alliance “definitely increases our competitiveness,” Saikawa adds.

Both news agencies agree that Saikawa considers it critical to discuss the long-term relationship between Nissan and Renault. He reiterated his opposition to Renault’s proposal that the two carmakers merge, mainly because of the irksome imbalance in the equity structure between the companies.

Renault currently controls a 43% voting stake in Nissan. Nissan owns a nonvoting 15% stake in Renault and has chafed for years over the resulting lopsided power structure.