Fiat Chrysler Proposes Merger with Renault; Maintaining FVEs: FCA at EUR 28 and RNO at EUR 90
No-moat-rated Fiat Chrysler has submitted a nonbinding letter to Renault, also no-moat rated, proposing a 50/50 merger of equals where the shareholders of each company would receive an equivalent stake in the merged entity. To even-up the differences in market equity value, Fiat Chrysler shareholders would receive a EUR 1.60 special dividend per share (EUR 2.5 billion) plus spin-off shares of Comau, the industrial robotics company owned by Fiat Chrysler. If Comau is not spun-off, Fiat Chrysler s...Renault is an automobile manufacturer. Co.'s activities have been organized into two main business sectors, in more than 120 countries: Automotive and Sales Financing. Co. designs, develops and sells passenger cars and light commercial vehicles. Following the acquisition of Romanian carmaker Dacia and Samsung Motors' operating assets in South Korea, Co. has three automotive brands: Renault, Dacia and Samsung. RCI Banque, Co.'s captive financing arm, finances sales of the Renault, Renault Samsung Motors (RSM) and Dacia brands, and, in Europe, the Nissan and Infiniti brands. In addition to these two activities, Co. has equity investments in the following two companies: Nissan and AVTOVAZ.
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