Crisis-hit Nissan braced for scrutiny on turnaround plan at shareholder meeting
By Maki Shiraki
Tokyo (Reuters) -Nissan Motor, investors at the same time listed partnership in Nissan Shatii’de an activist offer to take action to vote on Tuesday on Tuesday, the annual deepening crisis will make plenty of investigation.
The new boss Ivan Espinosa predicts whether the stocks fell by 36% last year and dividend payments were suspended. Nissan reported a net loss of $ 4.5 billion in the last financial year and has no guarantee that it will make a profit this year – so far refused to estimate full -year earnings.
Espinosa organized plans for closing seven plants and large cuts, including a total of 20,000 jobs or pouring about 15% of Nissan’s labor force. Strategic capital, a Tokyo -based activist investor, thinks that the revision should involve Nissan’s action on the listed subsidiary.
Japanese companies are under increasing pressure to clear the “parent-child lists” from the Tokyo Stock Exchange and the unjust and governance of regulators to minority shareholders.
In an important example, the Toyota motor this month reduced the value of the Forklift operator in a special 33 billion -dollar transaction, Toyota Industries, a subsidiary listed this month.
Tsuyoshi Maruki, General Manager of Strategic Capital, in an interview with Reuters on Monday, probably took action because Toyota felt pressure from the shareholders and thought it should change. ” Nissan’s management said he hoped that he could evaluate the problem in a similar way.
Nissan has a 50% of Nissan Shatai produced for the car manufacturer. Strategic Capital has 3.5% of Nissan Shatii. He also bought a small share in Nissan and allowed him to submit an offer to the general meeting.
He suggested that Nissan to examine his relationship with the subsidiaries listed annually and to change his articles to explain which action, if any.
Nissan’s board opposed this and said that the change of the establishment articles would prevent the elasticity.
(Reporting by Shri Navaratnam by Maki Shiraki and David Dolanediting)
