A foreign automaker could acquire more than one-third of Nissan Motor Corp., which would give it the right to veto management decisions at shareholder meetings, Nissan President Yoshikazu Hanawa said Tuesday.

Hanawa said he welcomes any proposals for forming an alliance with foreign automakers, including capital participation, as long as it will advance his firm's restructuring efforts.

Asked if capital participation could exceed one-third of the firm's stake, Hanawa said that the ratio, if anything, would be decided "on a case-by-case basis."

"If the relations between the two companies are deep, (the ratio) could exceed (one-third)," Hanawa said, though he repeatedly added he was speaking generally and not referring to any specific automaker. DaimlerChrysler, Renault and Ford Motor Co. are reportedly considering buying stakes in the struggling Japanese automaker.

The cochairmen of DaimlyerChrysler are scheduled to come to Japan this week, stirring rumors about talks with Nissan officials over a possible alliance. But Hanawa said he did not have any plans to have an official meeting with them, except at a brief reception to which he has been invited. "Negotiations have yet to start, although there is a possibility that the (reception) could be a start," Hanawa said, adding that generally speaking, it could take a year to reach a major alliance with any automaker.

He also said he welcomes any proposals for forming an alliance, as long as it will advance the firm's restructuring efforts.