cloudyn.png
Friday November 15th, 2019 9:20PM

The Latest: Renault delays decision on Fiat Chrysler merger

By The Associated Press
Related Articles
  Contact Editor

PARIS (AP) — The Latest on Fiat Chrysler's proposal to merge with Renault (all times local):

6:50 p.m.

Renault is delaying a decision on whether to launch exclusive merger talks with Fiat Chrysler.

Renault's board said Tuesday after meeting at its headquarters near Paris that it will meet again Wednesday to "continue to study with interest" Fiat Chrysler Automobiles' merger offer.

The decision comes amid pressure from the French government and unions, and questions about what a merger would mean for Renault's alliance with Japan's Nissan and Mitsubishi.

A Renault-Fiat Chrysler merger could reshape the global auto industry as it invests heavily in electric and autonomous cars. The merged company would be the world's No. 3 carmaker, after Volkswagen and Toyota, and produce some 8.7 million vehicles annually.

___

5:55 p.m.

Nissan CEO Hiroto Saikawa is casting doubt on whether his company will be involved if alliance partner Renault and Fiat Chrysler move forward with a merger proposal.

Saikawa says in a statement Tuesday that the plan would "significantly alter" the structure of Nissan's longtime alliance with Renault and would require a review of their relationship. The statement says Nissan will analyze its contractual relationships from the standpoint of protecting the company's interests.

He also says adding Fiat Chrysler to the alliance could create new opportunities for collaboration and synergies.

Renault's board is meeting Tuesday near Paris to discuss the Fiat Chrysler merger proposal and appears ready to approve it. A "yes" by Renault would start exclusive merger negotiations that would take about a year to finish.

___

9:30 a.m.

French carmaker Renault looks set to give its approval to Fiat Chrysler's merger offer.

The company's board is meeting Tuesday afternoon at its headquarters outside Paris to decide on a deal that could reshape the global auto industry.

Renault is deciding whether to go ahead with merger negotiations to create the world's third-biggest automaker, worth almost $40 billion, and combine forces in the race to make electric and autonomous vehicles.

The French government, which owns 15 percent of Renault, has held talks with the carmakers in recent days, and a government official says the "dynamic is positive." The official said the merger would produce a Netherlands-based holding company with operational headquarters in France.

The deal poses questions about the future of Renault's alliance with Nissan and Mitsubishi.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News
© Copyright 2019 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
The Latest: Renault delays decision on Fiat Chrysler merger
Renault is delaying a decision on whether to launch exclusive merger talks with Fiat Chrysler
12:55PM ( 4 minutes ago )
Powell hints Fed will cut rates if needed over trade wars
Powell hints Fed could cut rates if needed over trade wars
12:52PM ( 7 minutes ago )
Missouri subpoenas abortion clinic doctors amid legal battle
Attorneys for the state of Missouri have subpoenaed physicians from the state's only abortion clinic amid a legal fight over the facility's license
12:49PM ( 11 minutes ago )
Associated Press (AP)
Making nice at end, Trump praises outgoing May
President Donald Trump is easing up on his frequent criticism of outgoing British Prime Minister Theresa May over her handling of the tortured Brexit deal
12:28PM ( 31 minutes ago )
Big 10 taps Vikings' Kevin Warren as new commissioner
Big Ten hires Minnesota Vikings executive Kevin Warren as new commissioner
12:26PM ( 33 minutes ago )
US stocks move broadly higher; Dow jumps 400 points
U.S. stocks moved broadly higher as investors digest optimistic comments on trade from Mexico, along with a technology sector recovery and an encouraging signal on rates from the Fed chairman
12:08PM ( 51 minutes ago )
AP Business
Renault to respond to Fiat Chrysler marriage proposal
French carmaker Renault looks likely to give a tentative "yes" to Fiat Chrysler's merger offer
10:28AM ( 2 hours ago )
The Latest: Trump says Johnson would be good prime minister
President Donald Trump has reiterated his opinion that Boris Johnson would make a good UK prime minister and has praised another contender for the job, Foreign Secretary Jeremy Hunt
10:22AM ( 2 hours ago )
Trump turns from pomp to business in UK visit
Moving from pageantry to policy during his state visit to Britain, President Donald Trump on Tuesday urged Prime Minister Theresa May to "stick around" to complete a US-U.K. trade deal
10:22AM ( 2 hours ago )
AP Business - Corporate News
Powell hints Fed will cut rates if needed over trade wars
Powell hints Fed could cut rates if needed over trade wars
12:52PM ( 8 minutes ago )
Missouri subpoenas abortion clinic doctors amid legal battle
Attorneys for the state of Missouri have subpoenaed physicians from the state's only abortion clinic amid a legal fight over the facility's license
12:49PM ( 11 minutes ago )
The Latest: Brexit Party leader Farage meets with Trump
Brexit Party leader Nigel Farage has held a meeting with President Donald Trump at the U.S. ambassador's residence in London
12:47PM ( 12 minutes ago )
The Latest: 11th victim found in sunken Danube boat accident
Hungarian police say the confirmed death toll from the Danube River tour boat that collided with a large cruise ship grew to 11 after they recovered another body
12:42PM ( 18 minutes ago )
Moon sightings, politics play a part in Muslim holiday
Muslims around the Middle East and beyond are celebrating the start of the Islamic holiday of Eid al-Fitr, a time for family and festivities
12:30PM ( 29 minutes ago )