FCA and Renault to go public on potential tie-up
MILAN/PARIS - Fiat Chrysler and Renault are set to confirm tie-up talks on Monday, with the board of the French carmaker called to an early morning meeting to discuss the situation.
The plan under discussion would involve some transfer of equity, according to a source close to the discussions. Pressure for consolidation among carmakers has grown with the challenges posed by electrification, tightening emissions regulations and expensive new technologies being developed for connected and autonomous vehicles.
A separate source with direct knowledge of the situation confirmed that the Renault board will meet on Monday morning at 0800 local time to discuss the issue.REGIONAL RATIONALE Any tie-up would likely face political and workforce hurdles, particularly in Italy. However, most of FCA’s European plants are running below 50 percent capacity.
Speculation about the future of Fiat Chrysler, often seen as a potential M&A target, intensified after the sudden death of long-serving former CEO Sergio Marchionne almost one year ago.
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