By Norihiko Shirouzu, Gilles Guillaume and Maki Shiraki

TOKYO/PARIS (Reuters) -French automotive maker Renault (EPA:) and its Japanese accomplice Nissan (OTC:) Motor intention to formally unveil a deal to reshape their alliance in London on Feb. 6, two sources near the matter informed Reuters on Thursday.

Leaders of the 2 corporations met through video hyperlink for an alliance board assembly on Thursday following months of intense negotiations over learn how to reset their long-running partnership. They opted for that format – quite than having Renault CEO Luca de Meo and Chairman Jean-Dominique Senard journey to Japan – as a result of the talks have been progressing properly, sources had beforehand informed Reuters.

A 3rd supply near the matter mentioned Thursday’s assembly had gone off “and not using a hitch” however there have been particulars that also wanted to be labored out.

“As of right this moment, we can’t say that we now have reached an settlement,” the supply, who spoke on situation of anonymity as a result of the talks are confidential, mentioned.

The supply added there was no main hole between the 2 corporations and that the negotiations had been unlikely to interrupt down. However he additionally mentioned that the Feb. 6 date for an announcement was not written in stone but.

The boards of the 2 corporations would nonetheless must individually approve a possible deal after Thursday’s assembly.

Renault is in search of the Japanese automaker to spend money on its new electric-vehicle enterprise whereas Nissan needs Renault, its high shareholder, to promote down its roughly 43% stake and put the 23-year alliance on a extra equal footing.

Renault has constantly declined to remark publicly in regards to the talks with its Japanese accomplice, whereas a spokesperson for Nissan declined to touch upon Thursday.

The 2 corporations are anticipated to announce 5 joint initiatives to relaunch the alliance, overlaying manufacturing, know-how and additional geographical improvement, together with in India, one of many sources informed Reuters.

It was not instantly clear if already introduced offers to supply the successor to the Nissan Micra in a Renault plant in France and junior alliance accomplice Mitsubishi Motors (OTC:) Corp’s new ASX and Colt in Renault crops in Spain and Turkey can be thought of a part of these 5 initiatives.

Renault boss de Meo has mentioned the corporate had proposed working collectively on 10-15 initiatives.

The longer term form of the Franco-Japanese alliance has implications for each corporations in addition to Mitsubishi Motors. It additionally highlights how the immense technological upheaval within the auto business is forcing corporations to each accomplice and compete with a dizzying variety of newcomers and tech companies.

Renault, as an example, has mentioned it’s going to accomplice with corporations from China’s Geely Car Holdings (OTC:) to semiconductor big Qualcomm (NASDAQ:) Inc.

Renault is individually working to finalise a take care of Geely and to usher in Saudi Arabian state oil producer Aramco (TADAWUL:) as an investor and accomplice to develop gasoline engines and hybrid applied sciences, Reuters has reported.

Nissan has been involved that the know-how it has developed whereas partnered with Renault may leak to the French automaker’s companions because it restructures, Reuters has reported.

One of many sources who spoke to Reuters on Thursday nonetheless mentioned these considerations had now been addressed.