Published Nov 19, 2018 07:27AM ET
Updated Nov 19, 2018 07:50AM ET
Ghosn’s Arrest Rocks Investor Confidence in Renault: Street Wrap
(Bloomberg) -- The arrest of Nissan Motor Co. Chairman Carlos Ghosn over suspected financial violations, reported by NHK, has rocked investor confidence in Renault SA (PA:RENA) on concern of repercussions for the French-Japanese alliance, given his “pivotal” role in cementing their pact.
The French auto company fell as much as 15 percent in Paris trading, the steepest intraday decline since June 2016, and the worst performer in a benchmark of European stocks.
Ghosn, 64, created the three-way alliance of Renault, Nissan and Mitsubishi Motors Corp. Renault and Nissan have given themselves two years to decide on a possible merger between the two automakers or find an alternative mechanism to enhance their partnership, Bloomberg reported in July.
Here’s what analysts are saying:
Citi, buy on Renault
Commerzbank (DE:CBKG), Demian Flowers, hold on Renault
Evercore ISI, Arndt Ellinghorst, Outperform on Renault
Exane
Written By: Bloomberg
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