Renault Board to Meet Again on FCA Merger Bid

Renault SA’s board of directors says it will continue late tomorrow afternoon to review a merger bid from Fiat Chrysler Automobiles NV.

The board adjourned after a three-hour meeting today with no vote about whether to pursue the proposal. The directors say they will “continue to study with interest” the FCA bid to merge through an equally owned holding company.

Renault’s longtime alliance partner Nissan Motor Co., which owns 15% of the French carmaker and has representative on the French company’s board, was expected to abstain on any vote. Doing so would not block a board decision on Wednesday.

Unclear is whether the board came to any conclusions about several demands from the French government, which also holds a 15% stake in Renault.

Sources told Reuters today that FCA and the French state have agreed that FCA and Renault each would be awarded four seats on the holding company’s board. France and Renault each would get one seat on the holding company’s four-member CEO appointment committee.