Fiat Chrysler proposes merger with Renault

Fiat Chrysler Automobiles has submitted a proposal for a 50-50 merger with French rival Renault SA.

In a statement, FCA said the combined business would be owned 50/50 between shareholders of both groups with a "balanced governance structure".

It said the planned merger would create a "world leader in the rapidly changing automotive industry with a strong position in transforming technologies, including electrification and autonomous driving".

The carmaker stressed that the merger will not cause any plant closures.