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Fiat Chrysler proposes a merger with Renault

A 2016 Fiat crossover is on display during the Washington Auto Show at the Washington Auto Show in Washington DC on January 28, 2016.
A 2016 Fiat crossover. Photo: Kris Connor/Getty Images

Fiat Chrysler Automobiles said in a statement it's submitted a proposal for a 50-50 merger with Groupe Renault, with a board of governors holding a majority of independent directors.

Why it matters: The group would fall under a Dutch parent company be considered the third largest car manufacturer in the world, producing estimated sales of 8.7 million vehicles a year, per CNBC.

Iran tensions: Trump supports Japan's efforts to talk with Tehran

President Donald Trump shakes hands with Japan's Prime Minister Shinzo Abe (R) after their bilateral meeting at Akasaka Palace in Tokyo.
President Trump and Japan's Prime Minister Shinzo Abe. Photo: Eugene Hoshiko/AFP/Getty Images

President Trump told a Tokyo news conference Monday he supports Japanese Prime Minister Shinzo Abe's efforts to potentially open a dialogue between the U.S. and Iran.

"I know that the prime minister and Japan have a very good relationship with Iran so we’ll see what happens. The prime minister’s already spoken to me about that and I do believe that Iran would like to talk — and if they’d like to talk, we’d like to talk also. We’ll see what happens ... nobody wants to see terrible things happen, especially me."