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The French automotive Group acknowledged the proposal received from Fiat Chrysler Automobiles (FCA) and said its Board of Directors met on May 27 to examine a potential 50/50 merger between both carmakers.
“After careful review of the terms of FCA’s friendly proposal, the Board of Directors decided to study with interest the opportunity of such a business combination, comforting Groupe Renault’s manufacturing footprint and creating additional value for the Alliance”, said the French automotive Group in a statement.
Bruno Lemaire, France’s Economy Minister, is reported to have met Jean-Dominique Senard, Renault’s President, to discuss the project and said the Government is “rather favourable” to the merger. Sibeth Ndiaye, the Spokesperson for the French government, told local media they needed to see in what conditions it would happen. “They must be favourable to the economic and industrial development of Renault and its employees”, she said, adding that "giants have built outside Europe, we need giants in Europe”.
The proposed merger would see the creation of the world’s third largest car manufacturer with annual sales of 8.7 million vehicles. The French State holds 15% of Renault's capital.
Source: Le Figaro