May 27, 2019

Fiat Chrysler proposes merger with Renault

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 tie-up would create a global automotive leader, with 8.7 million vehicle sales. Carmakers have faced pressure to consolidate amid major industry shifts, including towards electric vehicles. In a statement, Fiat said the planned merger would create a "World leader in the rapidly changing automotive industry with a strong position in transforming technologies, including electrification and autonomous driving".

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