FCA Submits Proposal For Merger With Renault - Quick Facts

(RTTNews) - Fiat Chrysler Automobiles N.V. (FCAU) announced that it has delivered a non-binding letter to Groupe Renault (RNSDY.PK) regarding proposal for combination of their respective businesses as a 50/50 merger.

As per terms of the proposal, shareholders in each company would receive an equivalent equity stake in the combined company, with combination to be carried out as a merger transaction under a Dutch parent company. The combined entity's board would initially be composed of 11 members. The parent company would be listed on the Borsa Italiana, Euronext and NYSE.

The companies expect that the combined business would sell approximately 8.7 million vehicles annually.