Fiat Chrysler confirms merger talks with French Renault

Economy and stock exchange

Italian automaker Fiat Chrysler said on Monday it had proposed a "merger merger" for its French counterpart, Renault, in a deal that could create a global leader and help address some of Renault's weaknesses.

Fiat said the merged activity would be 50% owned by Chrysler shareholders and 50% by Renault shareholders.

Pressure for integration among automakers is growing with the challenges facing the sector from electric cars, tightening emissions regulations, and the expensive new technologies being developed for connected cars and autos.

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