10/31/2019, 4:17 PM (Source: TeleTrader)
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Renault's Senard rules out counteroffer for FCA

Renault will not make a counteroffer for Fiat Chrysler Automobiles (FCA) who made a merger agreement with Peugeot, the Renault chairman Jean-Dominique Senard told Nikkei Asian Review on Thursday. He added that his company will focus on rebuilding relations with Nissan Motor and helping it overcome the crisis caused by former Nissan Chairman Carlos Ghosn's arrest, instead of "looking at the past" and failed negotiations with FCA.

"The merger with FCA was a good project for Renault and the alliance. However, my role is to look forward, and that is what Renault, Nissan and Mitsubishi are expecting from me. We are one of the best companies to perform well globally. Because it is part of the alliance, [Renault] can bring the force to get Nissan out of the situation. That is the top priority," Jean-Dominique Senard stated.

Earlier, FCA and Peugeot confirmed their merger applying a 50-50 ownership model, creating the fourth-largest auto company in the world.

Breaking the News / GA