Renault's board will be asked to vote on a final merger proposal from Fiat Chrysler at today's meeting: “We’ll spend the night there if we have to.'
Renault Chairman Jean-Dominique Senard at a news conference in Yokohama, Japan, in March. Renault’s board said Tuesday it has decided to continue to study a merger proposal from Fiat Chrysler. Photo: kim kyung hoon/Reuters By Nick Kostov Updated June 4, 2019 3:10 p.m. ET PARIS—The board of Renault SA RNO 0.35% said it needs more time to weigh a merger proposal from Fiat Chrysler Automobiles FCAU 3.
Lawyers for the two companies as well as the French state—which holds a 15% stake in Renault—were in the same building finalizing deal terms ahead of Wednesday’s board meeting. People familiar with the negotiations said the board would be asked to vote on a final proposal at that time.One French official said there would be “no rushing” of the negotiations. “There’s no agreement on anything until there’s agreement on everything,” the official said.
Fiat Chrysler sent Renault directors a merger proposal on May 26 that called for the combined business to be 50% owned by the Italian-American company’s shareholders and 50% by Renault shareholders. Complicating any deal is a 20-year-old partnership between Renault and Nissan Motor Co. in which they share technology and vehicle parts. Renault owns 43.4% of Nissan, while Nissan owns 15% of Renault. Though Nissan is represented on Renault’s board, the Japanese company hasn’t been involved in the merger talks, people familiar with the discussions have said.
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