Fiat Chrysler proposes merger with Renault

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 (£4.4bn) a-year by sharing research, purchasing and other activities, according to Fiat Chrysler Automobiles (FCA). The Italian-American firm said the deal would not involve plant closures but did not rule out job cuts.

The joint company would be 50% owned by Fiat Chrysler shareholders and 50% by Renault shareholders. Read More