John Elkan, chairman of Fiat Chrysler Automobiles NV (FCA) proposed to merge with Renault SA in a deal that would create the world’s third-biggest carmaker. (Photographer: Francesca Volpi/Bloomberg)

Fiat-Renault Mega-Merger Is Born of Desperation

(Bloomberg Opinion) -- When the U.S. auto industry was looking down a barrel in 2008, General Motors Co. did the unthinkable and quietly proposed a merger with cross-town rival Ford Motor Co.