Renault Approves Sale of AMC

The French auto maker Renault agreed to sell its 46.1% holding in the American Motors Corp. to Chrysler Corp., Renault announced today.

The sale, approved by Renault’s board of directors, would complete the biggest merger ever in the U.S. auto industry pending approval by shareholders and regulatory authorities. Chrysler is to pay Renault $200 million, with a contingency payment that could reach $350 million, a Renault spokesman said. The AMC board Wednesday accepted Chrysler’s bid to take over the nearly 54% of AMC not held by Renault.