DETROIT -- General Motors board of directors' decision to have GM executives meet with their counterparts at Nissan and Renault to discuss the possibility of a global alliance doesn't go far enough for investor Kirk Kerkorian.
In a statement Friday, Kerkorian's Tracinda Corp. called the GM board action "a good first step." But it said that "a full and objective evaluation of this unique opportunity will require establishment of a board committee that receives independent financial and legal advice."
Meanwhile, Renault posted a brief statement on its Web site saying that "following GM's board decision, we look forward to starting the discussion process soon."
Kerkorian, who owns 9.9 percent of GM stock, has pushed GM to consider an alliance with Nissan and Renault.
GM released a statement shortly after noon Friday, saying the company should "engage in exploratory discussions" with Renault SA and Nissan Motor Co.
"General Motors has a lot of experience with different types of alliances, and some have provided significant benefits to GM's competitive position and financial strength," said GM CEO Rick Wagoner. He said discussions will be entered into "with an open mind -- eager to hear their ideas of how an alliance between our companies might work to our mutual benefit."
Wagoner and GM Board Director George Fisher added that it was crucial for the automaker to stay focused on its North American turnaround strategy.
The board met in a phone conference Friday morning to discuss Kerkorian's proposal to consider an alliance with Renault-Nissan.
The meeting started at 10 a.m. and ended about 11:20 a.m.
Wagoner will meet with Renault-Nissan CEO Carlos Ghosn this month. One published report said the meeting will take place Friday, July 14.
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