Fiat, Renault Chairmen Discussed Reviving Merger, Reuters Says
Fiat Chrysler Automobiles NV and Renault SA are exploring ways of reviving their merger plan.
(Bloomberg) -- Fiat Chrysler Automobiles NV and Renault SA are exploring ways of reviving their merger plan, with the companies’ chairmen discussing the possibility, Reuters reported, citing unidentified people close to the carmakers.
Fiat Chairman John Elkann and his Renault counterpart Jean-Dominique Senard have had talks about resuscitating a deal since Fiat withdrew its offer last week, Reuters said.
The French and Italian automakers are looking for ways to get an approval from Renault’s Japanese partner Nissan Motor Co., Reuters said. Nissan is set to ask Renault to lower its 43.4% holding in the Japanese partner significantly to support a Fiat-Renault combination, it said.
Nissan declined to comment and a Renault representative didn't immediately reply to a request for comment.
An adviser to Elkann on the Renault bid, Toby Myerson, was expected to visit Nissan headquarters in Yokohama on Monday for talks with top management, including Nissan CEO Hiroto Saikawa, Reuters said.
--With assistance from Ma Jie.
To contact the reporter on this story: Ville Heiskanen in Singapore at vheiskanen@bloomberg.net
To contact the editor responsible for this story: Young-Sam Cho at ycho2@bloomberg.net
©2019 Bloomberg L.P.