Renault Chairman Defends Attempt to Merge With Fiat Chrysler

Date : 06/13/2019 @ 1:29AM
Source : Dow Jones News
Stock : Fiat Chrysler Automobiles (FCA)
Quote : 12.002  0.146 (1.23%) @ 11:35PM
Fiat Chrysler Automobiles share price Chart

Renault Chairman Defends Attempt to Merge With Fiat Chrysler

Renault (EU:RNO)
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   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)

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