Fiat Chrysler proposes merger with Renault to create carmaking powerhouse
The French automaker said Monday that it would"study with interest" a proposal from Fiat Chrysler that would give its shareholders 50% ownership of a combined business with annual vehicle sales of 8.7 million. If completed, the merger would create the world's third largest carmaker behind Volkswagen and Toyota . General Motors would fall to fourth in the global rankings.Renault stock surged more than 15% in Paris on Monday, while Fiat Chrysler shares jumped around 11% in Milan.
They were formally merged in 2014. But Fiat Chrysler is a distant fourth in US sales and 8th globally. The company has also trailed its competitors in adopting electric vehicle and self-driving technology, which many deem the industry's inevitable future.Sergio Marchionne, its former CEO who passed away a year ago, had spoken openly of the need to merge Fiat Chrysler with a larger automaker to give it the scale and resources to compete.
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