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Renault and Fiat's shares jump higher on merger proposal

Reuters

PARIS (Reuters) - Shares in both Fiat and Renault surged higher on Monday, as analysts welcomed a proposed merger between the two carmakers.

Fiat rose around 19% in early session trading in Milan, while Renault's shares were up 16%.

"Strong fits in product/scale, further indications that OEM consolidation is on the agenda, an opportunity to re-deploy capital at Renault, and confirmation of FCA as an M&A target, are positives," wrote brokerage Jefferies.

Fiat's advisers on the deal include Goldman Sachs, Nomura and boutique investment bank d'Angelin & Co.

(Reporting by Sudip Kar-Gupta; Editing by Bate Felix)