Renault wants a premium for its stake in Nissan if Honda takes over control of the rival Japanese automaker, according to people familiar with the matter.

Representatives for the French carmaker, which owns 36% of Nissan, flew to Japan earlier this week to voice concerns over how a tie-up may be structured, the people said, declining to be named because the talks are private. Renault wants to ensure that Nissan’s value is fully recognized irrespective of the exact nature of a combination, they said.

While Honda and Nissan executives have called the planned transaction a merger, the drawn-out deal effectively amounts to an acquisition of Nissan. Honda would take the lead in forming the new entity and nominate a majority of its directors.

"As main shareholder of Nissan, Renault will consider all options based on the best interest of the group and its shareholders,” said a spokesperson for the company, declining to comment further.

Representatives for Nissan and Honda didn’t respond to requests for comment outside regular business hours.

Honda and Nissan are struggling to keep up in an increasingly competitive global car industry. They’re contending with ascendant domestic automakers in China, which is pulling ahead of Japan as the world’s largest car-exporting nation. A tie-up is meant to help the companies with greater scale and synergies.

Renault’s Nissan shareholding is a holdover from its longstanding alliance that also includes Mitsubishi Motors. The two companies partially unwound their 25-year strategic partnership amid mounting rivalries and mutual suspicion. The looser ties opened up the possibility of alternative partnerships even as Renault and Nissan continue to work together on joint vehicle projects in India and Latin America.