Fiat Chrysler seeks merger with Renault

Fiat Chrysler Automobiles on Monday outlined a plan to merge with France's Renault.

The proposal calls for a combined company that's half owned by Fiat and half owned by Renault.

"The proposed combination would create a global automaker, preeminent in terms of revenue, volumes, profitability and technology, benefiting the companies' respective shareholders and stakeholders," Fiat officials said in a statement. "The combined business would sell approximately 8.7 million vehicles annually, would be a world leader in (electric vehicle) technologies, premium brands, SUVs, pickups and light commercial vehicles and would have a broader and more balanced global presence than either company on a standalone basis."

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