Reuters, MILAN and PARISFiat Chrysler Automobiles (FCA) NV has made a “transformative” merger proposal to Renault SA, the Italian-US automaker said, in a deal that would create a new third-ranked global manufacturer. The proposal, finalized in overnight talks with Renault, was being discussed at a meeting of the French group’s board early yesterday. The deal would create an automaker selling 8.7 million vehicles annually with a strong presence across key regions, automotive markets and technologies, FCA said. It would be chaired by John Elkann, head of the Agnelli family that controls 29 percent of FCA, sources familiar with the deal talks told reporters. Anticipating such sensitivities, FCA stressed “new opportunities for employees of both companies” under the merger.

Source: Taipei Times May 27, 2019 15:56 UTC