Fiat Chrysler Automobiles (FCA) revealed that it was pursuing a €32.6bn (£28.9bn) all-share merger with Renault, in a deal that would deliver annual savings of over €5bn and combined revenues of nearly €170bn. The combined business would be the world’s third-largest car manufacturer. FCA has proposed a 50:50 split in ownership between the Italian-American group and the French car giant. On an aggregated basis of 2018 results, the new entity would have operating profit of more than €10bn and net profit of over €8bn. The tie-up would avoid any plant closures.
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