General Motors, the worldâ€™s largest carmaker, said together with Renault and Nissan on Wednesday, that they have collectively agreed to end talks on a possible alliance.
The companies said in a statement that while they recognized that significant aggregate synergies might result from the alliance, they did not agree on either the total amount of aggregate synergies or the distribution of those benefits.
The announcement from the companies comes 11 days before a self-imposed deadline to determine if the alliance was feasible or not.
GM had proposed that â€œRenault-Nissan provide compensation as part of a potential alliance and for potentially precluding GM from entering other alliance opportunities if Renault-Nissan had made a significant investment in GM.â€
A GM alliance with Renault-Nissan had been previously urged by billionare investor Kirk Kerkorian, who owns a 9.9 percent stake in GM through his investment vehicle, Tracinda Corp.
As the GM, Renault-Nissan talks entered the final stretch last week, he said he would consider raising his stake in the company by up to 12 million shares.