(Bloomberg) -- Nissan Motor Co. is in talks to buy most of the French state's stake in partner Renault SA as the carmakers tighten cooperation, Reuters reported, citing unidentified people close to the matter.
Discussions with government officials include France giving up influence at Renault while the manufacturer would relinquish control over its Japanese counterpart, the newswire reported. Renault stock surged as much as 13 percent, the most since August 2009.
Renault and Nissan have been partners since the 1990s, with the French company currently holding about 43 percent of the Japanese carmaker's stock. France acquired a stake in Renault in 2015 to thwart an effort by Nissan to gain more influence, and the state's current 15 percent holding about matches the Japanese partner's. Carlos Ghosn, who's chairman of both camakers, was reappointed chief executive officer of Renault in February and pledged to bring them closer together.
Spokesmen at Renault didn't immediately respond to messages seeking comment, while Nissan declined immediately to comment.
To contact the reporter on this story: Tom Lavell in Frankfurt at tlavell@bloomberg.net.
To contact the editor responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net.
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