James Mackintosh of the Financial Times sat down in Paris to interview Carlos Ghosn (free link via MSNBC here).
Ghosn pushes the notion of cross-equity stakes between General Motors (GM/NYSE), Nissan and Renault, saying, "Agreements without shareholdings are usually temporary and short-lived. You don't go to the depth of the synergies because you have always the suspicion that this is going to end at a certain point."
But this part at the end catches my eye:
Mr Ghosn said this week he believed the benefits of a tie-up would be billions of dollars but a deal would proceed only if the benefits outweighed the risks by 10 to one.
Ten to one? That strikes some analysts as high. And I can't help but wonder if Ghosn is setting the bar too high on purpose, so everyone can eventually walk away from the proposed alliance with their heads held high.
Ghosn has already been quoted as saying the alliance wouldn't have him running GM. Then GM announced better-than-expected results.
Perhaps the urgency to "do something" -- the alliance -- is dissipating. Especially among GM's major shareholders.
And, as I've stated repeatedly, GM's top six shareholder control more than 60% of the stock. If most of them -- minus Tracinda Corp. -- are willing to give Wagoner more time to carry out his turnaround plan, then he's going to get that time.