Renault Chairman Defends Attempt to Merge With Fiat Chrysler
June 12 2019 - 1:29PM
Dow Jones News
By Nick Kostov
PARIS--Renault SA's (RNO.FR) chairman defended his attempt to
merge the company with Fiat Chrysler Automobiles NV (FCA.MI),
saying the tie-up would have forged a European car maker with the
scale to compete with the growing power of their Chinese
counterparts.
Addressing investors at his first annual shareholders meeting on
Wednesday, Jean-Dominique Senard expressed regret that the
Italian-American car maker withdrew its proposal after the French
government declined to back it. Mr. Senard said it was French
Finance Minister Bruno Le Maire who first directed him to engage in
talks with Fiat Chrysler.
"When the finance minister suggested to me several months ago
that I enter into contact with the management of Fiat Chrysler, I
did it," Mr. Senard said. "The benefits of this operation are very
evident, and in my industrial life I've rarely seen a merger
project that could bring so many positive synergies."
Write to Nick Kostov at nick.kostov@wsj.com
(END) Dow Jones Newswires
June 12, 2019 13:14 ET (17:14 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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