US Firms Take Wheel On Fiat Chrysler Merger Bid For Renault
A successful tie-up would create one of the world's largest car manufacturers.
May 28, 2019 at 09:17 AM
2 minute read
U.S. duo Skadden Arps Slate Meagher & Flom and Sullivan & Cromwell are advising on Fiat Chrysler's proposed merger with fellow car manufacturing giant Renault.
Italian carmaker Fiat Chrysler announced its proposal to create one of the world's biggest carmakers yesterday (27 May). In a statement, the company proposed a deal that would grant 50/50 shared ownership of the merged companies.
It added a successful deal would create "a preeminent global automaker" and that a combined business would sell about 8.7 million vehicles per year.
A Skadden team led by Paris based European M&A head Armand Grumberg is advising Renault, a longstanding client for the U.S. heavyweight.
Skadden has a long-running relationship with Renault. It took the lead role on the company's €3bn (£2.6bn) sale of a majority stake in Volvo in 2010.
Sullivan & Cromwell is advising Fiat Chrysler, along with French firm Darrois Villey Maillot Brochier.
Sullivan & Cromwell advised Fiat in 2014 when it took full control of US auto manufacturer Chrysler in a deal worth $4.35bn (£2.63bn).
Fiat first took a stake in Chrysler in 2009 amid the company's bankruptcy, and became the majority shareholder two years later after increasing its stake to 53.5%.
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