Denials Du Jour
A lot of what we have written in the last few days, even what we have not yet written, is utterly wrong, say the objects of our writings. Here are the denials of the day.
All involved in the Ford/Mazda/Chang’an joint venture deny that their relationship is on the rocks. Japan’s Nikkei had written on Sunday that Ford and Mazda had agreed to end the ménage à trois and that both would go it alone with Chang’an. “We have a good relationship with both our partners and there is no plan currently to dissolve the joint venture,” Mazda spokeswoman Christine He told Reuters. Ford’s spokesman Teddy Liu dismissed the report as “speculation.” A Chang’an spokesman also said the three partners had a good relationship and had never discussed a possible break-up.
Spyker denied reports in Germany’s Wirtschaftswoche that Spyker would team up with Luxembourg Genii Capital and Formula 1 mogul Bernie Ecclestone to make a last ditch bid for Saab. Spyker CEO Victor Muller, in a reply to Reuters via text message, responded “No,” when asked if Spyker was in contact with Genii about a joint bid for Saab or had changed its strategy. GM said on Monday it would move ahead with closing Saab down.
Renault denied the wishes of the French government t o produce the Renault Clio in France instead of Turkey. According to Reuters, Renault will produce the car in Flins, France, and Bursa, Turkey. Carlos Ghosn later intimated that most of the production will take place in Turkey.
Executives, like politicians, speak alot but say little. Don't listen to what they say, watch what they do. There is my share of wisdom for the week!
As I've said previously elsewhere on TTAC, unless there is immediate utility in disclosing (admitting) such things, and due to the "loose-lips" preventing restrictions of an NDA, things like this will almost always be denied until the ink is on the executory documents. In addition, even if nothing does come to pass, it doesn't mean the pen never approached the signature line ... there are many deals which blow-up and die at the last moment which are never reported into the public domain. (We've seen enough "done deals" thru history which came unwound to know history must be littered with many more "nearly done deals" which never did get wound...)
Denial -- it's not just a river in Egypt. Twotone