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Business deals

FCA formally proposes merger with Renault

Italian-US automaker predicts synergies worth 'more than 5bn euros' from deal

  © Reuters

PARIS/TOKYO -- Fiat Chrysler Automobiles, an Italian-American multinational carmaker, said Monday that it has proposed combining its operations with those of French automaker Renault, a move that would underscore the industry's rapid evolution in recent years.

FCA said the combined business would be 50% owned by FCA shareholders and 50% by those of Renault, and create synergies worth more than 5 billion euros ($5.6 billion) a year. It proposes a board initially made up of 11 members, with four members each for both FCA and Renault, and one from Renault alliance partner Nissan Motor.

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