GM ( GM), Nissan and Renault have agreed to review the potential benefits of forging a global automobile alliance.

The companies issued a joint statement Friday night saying the decision followed a meeting between GM CEO Rick Wagoner and Carlos Ghosn, who heads Japan's Nissan and France's Renault.

"We had a good discussion today, and are looking forward to having our teams work together to explore our ideas," Wagoner and Ghosn said in the statement. "It is important to let our teams work on this review without distraction and, therefore, we will not be providing further public comments about it at this time."

The companies said they expect the review to take about 90 days, after which they will consider whether "further exploration of the alliance concept is warranted."

Billionaire investor Kirk Kerkorian, the largest individual shareholder in GM, began publicly voicing support for partnership negotiations with Renault and Nissan late last month. Press reports said CEO Wagoner was initially strongly opposed to the talks, but Wagoner said in a CNBC interview Tuesday that he was open to pursuing an alliance.

The world¿s largest automaker, GM is struggling to restructure its North American operations after losing $10.6 billion in 2005. It continues to lose market share, notably to its closest rival, Toyota ( TM).

Ghosn led a successful turnaround at Nissan after it and Renault established a partnership in 1999.

GM shares ended Friday down 85 cents at $27.47.