Foxconn exec in France to discuss Nissan stake purchase from Renault, Central News Agency reports

TAIPEI (Reuters) – A senior executive of Taiwan-based contract manufacturer Foxconn (SS:) is in France to discuss a potential stake purchase in Nissan (OTC:) Motor from the Japanese automaker’s biggest shareholder Renault (EPA:), Central News Agency reported on Thursday.

Jun Seki, a former Nissan executive who now leads Foxconn’s electric vehicle business, is in France to meet Renault officials, the official Taiwanese news agency reported, citing a source familiar with the matter.

A source familiar with the situation told Reuters that Foxconn is in talks with Renault to buy at least some of the French firm’s holding in Nissan and Seki is in France for these talks.

Foxconn had no immediate comment on the report.

Renault could not be immediately reached for comment. Nissan declined to comment.

The move by Foxconn comes as Nissan is holding talks with its longtime Japanese rival Honda (NYSE:) to deepen cooperation including a potential merger amid deepening financial and strategic trouble that led it to announce a $2.6 billion cost savings plan last month.