France considering Stellantis-Renault Group merger

France considering Stellantis-Renault Group merger

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France considering Stellantis-Renault Group merger

The federal government of France is reportedly finding out a plan for a merger between Stellantis and the Renault Group, wrote Car Expert citing a report by Il Messaggaro.

A perceived profit from a mixed Stellantis-Renault Group organisation is that the merged group could be giant sufficient to counter the competition from Chinese in addition to German automakers, in line with the Australian information outlet.

In response to the preliminary report by the Rome-based newspaper, Stellantis chairman John Elkann has issued an announcement to say that “there is no such thing as a plan into account relating to merger operations with different producers,” including that Stellantis is targeted on implementing its long-term marketing strategy.

Elkann can be head of Exor, the Agnelli family-owned holding firm that’s the largest single shareholder in Stellantis, notes Reuters. The French authorities, via its historic funding in Peugeot-Citroen, personal 6.1% of Stellantis shares, and controls 9.1% of the group’s voting inventory. It additionally has a 15% stake in Renault, notes Automotive Professional.

France considering Stellantis-Renault Group merger

The assertion by Elkann is available in distinction to feedback by Stellantis CEO Carlos Tavares, who was quoted by Bloomberg as noting that Renault had exited the Russian market, which is its second-largest after its native France, and its scope of cooperation with Nissan had been reduced, thus showing susceptible to mergers and acquisitions.

In the meantime, the Renault Group has Renault, Alpine, Dacia and Mobilize underneath its banner, and is itself a part of the Renault-Nissan-Mitsubishi alliance. Nissan introduced final December that it will likely be buying back 5% of its shares from Renault, who will finally cut back its stake within the Japanese carmaker to fifteen%.

The information wire notes hypothesis {that a} slowing of the electrical car market compelled the Renault Group to cancel plans for an preliminary public providing (IPO) for its EV and software program division, Ampere.

Stellantis is itself a product of a merger between Fiat Chrysler Automobiles (FCA) and Groupe PSA, which was accomplished in January 2021, having first announced merger plans in 2019.

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