Big news.
Fiat Chrysler Automobiles has proposed a €32.6bn all-share merger with Renault, in a deal that could potentially reshape the global automotive industry.
According to a statement from FCA, the combined business would be owned 50/50 between shareholders of FCA and Groupe Renault. A board of governors would hold a majority of independent directors and would be made up of 11 members.
The companies have been in discussions for weeks, as major world car makers have been seeking ways to save money amid the huge costs of pivoting the industry to electric and autonomous cars.
The combined group would have nearly €170bn in annual revenues on operating profit of more than €10bn and net profit of more than €8bn, FCA said.
It's expected that if the deal is agreed, it will, at least in the short term, end plans for Renault to merge with alliance partner Nissan.
