The case discusses the story of Nissan's miraculous turnaround after Renault decided to invest in the company. The automobile industry had just begun another wave of consolidation, and many industry leaders believed that size was crucial for survival. This conclusion led to several mergers and acquisitions that produced varying results. The deal concluded between Renault and Nissan was remarkable because it was not billed or designed as an acquisition or even a joint venture. It was structured as an alliance, emphasizing the fact that both companies would have their own separate identities in the marketplace and separate executive committees that would run their strategy. However, the benefits were expected to originate in cross-company synergies, ranging from design to manufacturing and logistics to R & D
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