Fiat Chrysler said the merger with Renault would create the world's third largest automakerMILAN: Italian-US auto giant Fiat Chrysler presented a merger proposal to France's Renault on Monday that would create the world's third largest automaker. After the news broke, shares in Fiat Chrysler Automobiles (FCA) soared 18 percent when the Milan stock exchange opened on Monday, before falling back slightly. 'Pre-eminent global group'Fiat Chrysler said the merger would create "a pre-eminent global automotive group", with annual sales of 8.7 million vehicles. Fiat Chrysler said the merger would put the group in "a strong position in transforming technologies, including electrification and autonomous driving". Fiat Chrysler said the merger would create "in excess of five billion euros ($5.6 billion) estimated annual run rate synergies" on top of existing Renault-Nissan-Mitsubishi Alliance ones.

Source: Bangkok Post May 27, 2019 07:18 UTC