Renault: Approval Fca and Bn

renault: Renault said it would study the friendly proposal . The French government owns 15% of Renault's shares, meaning the 32.6bn 28.8bn merger hinges on its approval, according to The Guardian. FCA said it expected 5bn 4.4bn in annual cost savings from the proposed tie-up and they would be achieved by sharing the huge investment burden in autonomous driving and electrification technology rather than politically painful job losses. Fiat Chrysler Automobiles FCA on Monday revealed a planned merger of equals between the two companies, which would create the third-largest global car manufacturer, behind Germany's Volkswagen and Japan's Toyota. But the prediction has stirred concern among French officials that some of those savings could put French jobs and facilities in the crosshairs. This is the first guarantee that I requested from Mr Senard on the opening of these negotiations with Fiat, Le Maire said. France's finance minister, Bruno Le Maire, speaking on RTL radio, asked the Renault chair, Jean-Dominique Senard, for a guarantee on the preservation of jobs and industrial sites in France and a commitment that no factory would be closed in the country. (news.financializer.com). As reported in the news.

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