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GM and Nissan-Renault end talks early

General Motors has ended talks with Nissan-Renault about a possible partnership.

The two companies have abandoned talks earlier than predicted, both cited an October 15 date to come to a final decision.

“We all agreed that the synergy levels were significantly in favour of Renault and Nissan," said GM CEO Rick Wagoner at a press conference today.

Renault-Nissan was unwilling to pay compensation to help balance the deal, and Wagoner said GM's board rejected the proposal unanimously.

"We did advise Renault-Nissan that we were very open to the idea of further exploring, and eventually implementing, individual synergy projects that are mutually beneficial.

"At this point, our understanding is that we will not be proceeding on this basis," said Wagoner.

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