no new negotiations with Fiat

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Renault: no new negotiations with Fiat

There is no new negotiations on a merger between the French car groups Renault and Italian Fiat Chrysler, assured Friday the commissioner for the participations of the French State Martin Vial.

This development follows a statement by Fiat Chrysler boss Mike Manley, who had shown early in August its "interest" for such a merger is put back on the agenda "if the circumstances were to evolve".

"To my knowledge, there are no new negotiations between Fiat and Renault In any case, for the State shareholder of Renault, the priority is the alliance (with Nissan), it is the project industrial alliance, "said Vial at the microphone of Radio Classique. "As long as this priority is not implemented effectively, there is no reason to look at other operations."

While the French government appeared in the spring to have disavowed the Renault CEO Jean-Dominique Sénard, in favor of a merger, the head of the State Investment Agency (APE) acknowledged that "these reconciliations obviously make a lot of money. meaning".

→ Read also: To unite with Fiat, Renault renegotiates its alliance with Nissan

"But we can not do it against Renault's first historic partner, Nissan," he said.

A merger between Renault and Fiat Chrysler would have created a new giant in the automotive sector, with an annual output of 8.7 million vehicles and weighing more than 30 billion euros on the stock market.

Mr. Via also assured that "since the General Assembly of Nissan in late June, tensions have fallen" between the two French and Japanese manufacturers, whose relations had been undermined by the case around the former CEO of Renault-Nissan Carlos Ghosn, charged with aggravated breach of trust and misrepresentation in Japan.

"The two corporate departments are working on the strengthening of industrial projects.For us this is the priority of priorities," said Martin Vial. "We must pool as much as possible the massive investments in the autonomous car, the electric propulsion, the connectivity."

With AFP



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