Well, if you can't beat them...

[Phlegm]

join them. From MSNBC:

DETROIT - General Motor's board of directors Friday agreed to "exploratory discussions" regarding an alliance with French automaker Renault and Japan's Nissan.

"We will enter into discussions with the managements of Renault and Nissan with an open mind — eager to hear their ideas of how an alliance between our companies might work to our mutual benefit," GM chairman and chief executive Rick Wagoner said in a statement.

Investor Kirk Kerkorian, who owns a 9.9 percent stake in GM, urged management to consider the three-way alliance last week through his investment vehicle Tracinda Corp. Under the proposed terms of the alliance, Nissan and Renault, which are closely tied through a cross-ownership arrangement, each would buy up to 10 percent of GM, paying a total of about $3 billion at current market value.

The outcome of the special meeting of GM directors was a bit of a surprise to analysts who had predicted Wagoner would fight the proposal. Wagoner, though, noted that GM has a lot of experience with alliances, and said some have provided "significant benefits."

"Given the complexity of any potential relationship, it has to be carefully considered on its merits before coming to any conclusion," Wagoner said. "We are committed to an objective and thorough review of that potential."

Wagoner said he has already contacted Carlos Ghosn, CEO of both Renault and Nissan, and agreed to meet "at a mutually convenient time" for an initial discussion