Fiat Chrysler has made a “transformative” merger proposal to Renault, the Italian-American carmaker said, in a deal that would create a new third-ranked global manufacturer, ONA reports citing Reuters.
The proposal, finalised in overnight talks with Renault, was being discussed at a meeting of the French group’s board early on Monday.
The deal would create a carmaker selling 8.7 million vehicles annually with a strong presence across key regions, automotive markets and technologies, FCA said. It would generate 5 billion euros ($5.6 billion) in estimated annual savings.
The “broad and complementary brand portfolio would provide full market coverage, from luxury to mainstream,” it added.
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