June 4, 2019 / 9:23 AM / 2 months ago

Activist hedge fund CIAM will 'strongly oppose' FCA-Renault deal

FILE PHOTO: A Fiat Chrysler Automobiles (FCA) sign is seen at the U.S. headquarters in Auburn Hills, Michigan, U.S. May 25, 2018. REUTERS/Rebecca Cook/File Photo

LONDON (Reuters) - Activist hedge fund CIAM has written to the board of French automaker Renault to say it “strongly opposed” a planned $35 billion merger with Fiat Chrysler.

Calling the deal “opportunistic”, the fund said the current deal terms strongly favored Fiat Chrysler and offered no control premium.

Reporting by Simon Jessop; Editing by Rachel Armstrong

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