Money: Fiat Chrysler proposes merger with French carmaker Renault - - PressFrom - Canada
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MoneyFiat Chrysler proposes merger with French carmaker Renault

10:00  27 may  2019
10:00  27 may  2019 Source:   msn.com

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Fiat Chrysler has proposed a €32.6bn (£28.3bn) merger with France’s Renault that would create the world’s third-largest carmaker and save billions needed to invest in the race to make electric and autonomous vehicles. The combined company would produce 8.7m vehicles annually and save €5bn

Fiat Chrysler has made a "transformative" merger proposal for French carmaker Renault , the Italian firm said on Monday. The combined business would be 50% owned by Fiat shareholders and 50% by Renault stockholders. The carmaker said the merger would create a global automotive leader, with

Fiat Chrysler proposes merger with French carmaker Renault© 2019 Getty Images BELVIDERE, ILLINOIS - FEBRUARY 27: Jeep Cherokees sit on a lot at Fiat Chryslers's Belvidere Assembly Plant on February 27, 2019 in Belvidere, Illinois. Fiat Chrysler, the third-largest automaker in the U.S., has said it would lay off more than 1,300 of the 5,300 workers at the facility because of slowing sales for the Jeep Cherokee which is only built at the Belvidere plant. (Photo by Scott Olson/Getty Images) PARIS — Fiat Chrysler on Monday proposed a merger with French carmaker Renault aimed at saving billions of dollars for both companies as the industry pivots to electric and autonomous vehicles.

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Fiat Chrysler on Monday proposed a merger with French carmaker Renault aimed at saving billions of dollars for both companies as the industry pivots to

Italian-American automaker Fiat Chrysler proposed joining forces with French manufacturer Renault . According to the Italian-American carmaker 's announcement on Monday, the potential merger would see a 50-50 split between Fiat and Renault 's shareholders.

The merged company would be the world's No. 3 automaker and be 50 per cent owned by FCA shareholders and 50 per cent by Renault shareholders, Fiat Chrysler Automobiles said in a statement Monday.

The companies have been in discussions for weeks.

Renault's board is holding a special meeting outside Paris on Monday morning about the merger idea. The company wouldn't comment on the proposal until after the meeting, and it's unclear what the merger would mean for Renault's existing alliance with Japan's Nissan and Mitsubishi.

The statement says the merged company would produce 8.7 million vehicles annually and save 5 billion euros for the companies each year by sharing research, purchasing and other activities. It said the deal would involve no plant closures, but didn't address potential job cuts.

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Fiat Chrysler has made a "transformative" merger proposal for French carmaker Renault , the Italian firm said on Monday. The combined business would be 50% owned by Fiat shareholders and 50% by Renault stockholders. The carmaker said the merger would create a global automotive leader, with

Italian-American automaker Fiat Chrysler has proposed merging with French manufacturer Renault . According to the Italian-American carmaker 's announcement on Monday, the potential merger would see a 50-50 split between Fiat and Renault 's shareholders.

The Renault-Nissan-Mitsubishi alliance has been troubled since the November arrest of its boss and biggest champion, Carlos Ghosn, on financial misconduct charges in Japan. Together, the three companies are the biggest maker of passenger cars in the world.

The French government, which owns 15% of Renault, is cautious about the new FCA merger idea.

A French official said Sunday that the state will only agree to a merger if it makes sense for jobs and France's national interests. The official told The Associated Press that Japanese authorities have also been informed, and that France would prefer a tie-up within the existing Renault-Nissan-Mitsubishi alliance. The official wasn't authorized to be named.

Nissan Motor Co. Chief Executive Hiroto Saikawa wouldn't comment directly on the idea of a Renault-FCA merger but said, "I am always open to exchanging constructive views on strengthening the alliance." He was shown speaking to reporters on Japan's Fuji TV news.

Renault delays decision - again - on Fiat Chrysler merger

Renault delays decision - again - on Fiat Chrysler merger PARIS — Renault said early Thursday it was unable to make a decision on Fiat Chrysler's merger offer because the French government asked for a delay. The French carmaker made the announcement after a six-hour board meeting outside Paris — the day after a similar meeting was also inconclusive. Earlier, a person briefed on the matter said Fiat Chrysler and the French government had reached a tentative deal Wednesday on terms for the potential merger with Renault. The person said the deal was a good sign for the merger plan, but no guarantee it would be approved. The person didn't want to be identified because Renault's board was still meeting to discuss the proposal.

Fiat Chrysler is planning to propose a merger with the French carmaker Renault on Monday, according to two people involved in the negotiations, in a transaction that could reshape the global automobile industry.

PARIS (AP) — Fiat Chrysler is proposing a merger with French carmaker Renault aimed at saving billions of dollars for both companies. Fiat Chrysler Automobiles said in a statement Monday that the merged company would be 50 percent owned by FCA shareholders and 50 percent by Renault

Collaboration between automakers has taken on importance in recent years as they seek to build their technological capabilities in pursuit of electrical vehicles, net connectivity and artificial intelligence for vehicles. Automakers are also under pressure from regulators, particularly in Europe and China, to come up with electric vehicles so they can meet tougher pollution limits.

During an earnings conference call earlier this month, FCA CEO Mike Manley told shareholders that he believed that there would be "significant opportunities" in terms of strategic partnerships or alliances in the next two or three years.

Manley also told analysts that Fiat was taking action to address weaknesses in Europe.

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AP Business Writer Yuri Kageyama in Tokyo contributed to this report.

Angela Charlton, The Associated Press

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Renault's 20-Year Marriage With Nissan May Be in Trouble.
Stung by the shock arrest of their leader, and now a failed deal to create one of the world’s biggest automakers, decades-long partners Renault SA and Nissan Motor Co. may have finally reached boiling point in their relationship. The implosion of Renault’s merger plans with Fiat Chrysler Automobiles NV has brought the French and Japanese automakers’ tensions out into the open, with Nissan’s reluctance to endorse the deal said to be partially responsible for its failure. In response, Renault Chairman Jean-Dominique Senard sent a letter threatening to block the Yokohama-based company’s plans to overhaul its governance structure.

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