Paris: French carmakers Renault are set to approve a deal to seal a strategic alliance with Germany's premium carmaker Daimler, at a special board meeting Tuesday, Le Figaro newspaper reported on its website.
The board meeting, scheduled for 8:30 am (0630 GMT) at Renault's headquarters on the outskirts of Paris, will also discuss cross-shareholding between the two groups.
"They should reach a symbolic level, of the order of 3.0 percent," said the newspaper.
Japanese motor company Nissan, of which Renault has a 44-percent share, would also feature in the financial deal, with an official announcement expected Wednesday night latest, the paper reported.
The financial press has for several weeks been reporting word of some sort of three-way deal between the companies.
Renault chairman Carlos Ghosn, who is also Nissan's president, himself spoke of talks with various partners, including Daimler on questions of joint investment, scale and the sharing of technology.
Daimler meanwhile has said it has no objection in principle to such a deal.
German industry experts think that Daimler, by cooperating with Renault, could make savings of 600 million euros (800 million dollars) in its development sector.
Bureau Report
First Published: Tuesday, April 06, 2010, 10:07