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Fiat Chrysler proposes merger with French carmaker Renault

Fiat Chrysler is proposing a merger with French carmaker Renault aimed toward saving billions of {dollars} for each firms.

Fiat Chrysler Vehicles stated in a press release Monday that the merged firm could be 50 per cent owned by FCA shareholders and 50 per cent by Renault shareholders.

Renault’s board is assembly exterior Paris on Monday morning in regards to the potential merger.

The businesses have been in discussions for weeks, as main world carmakers search methods to save cash amid the large prices of pivoting the business to electrical and autonomous vehicles.

Renault is already in an alliance with Japan’s Nissan and Mitsubishi, however the partnership has been troubled because the November arrest of joint chief Carlos Ghosn.

The French authorities, which owns 15 per cent of Renault, is cautious in regards to the new merger thought.

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