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In a deal that would create the world’s third-biggest carmaker Fiat Chrysler Automobiles NV on Monday proposed a merger with Renault SA.

The transaction will be structured as a 50-50 ownership through a Dutch holding company, Fiat said in a statement, adding that there will be no plant closures. In a separate statement, the French carmaker said its board would meet later in the morning to discuss the proposal.

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