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U.S. markets recover from steep losses
NEW YORK, June 30 (UPI) -- One of General Motors Corp.'s top shareholders wants it to explore joining the Renault SA-Nissan Motor Co. alliance.
Billionaire Kirk Kerkorian said in a letter to GM's board that the Franco-Japanese alliance, which is run by Carlos Ghosn, is receptive to making including GM, The Wall Street Journal reported Friday.
Kerkorian, who owns 10 percent of GM, said the alliance has created "tremendous engineering, manufacturing and marketing synergies, resulting in substantial benefits and cost savings to both Renault and Nissan."
Joining the alliance would afford GM "substantial synergies and cost savings and thereby greatly benefit the company and enhance shareholder value."
News of Kerkorian's letter to GM's board sent the company's shares soaring more than 10 percent.
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