Fiat Chrysler proposes a merger with Renault

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.