FILE PHOTO: CEO of Fiat Chrysler Automobiles (FCA) Mike Manley attends the North American International Auto Show in Detroit, Michigan, U.S., January 14, 2019. REUTERS/Rebecca Cook

MILAN (Reuters) - It could take more than one year for Fiat Chrysler and Renault to finalize a proposed merger of the two companies, FCA group’s chief executive told employees on Monday in a letter seen by Reuters.

Fiat Chrysler has made a “transformative” merger proposal to its French rival, the Italian-American carmaker said earlier on Monday, in a deal that would create a new third-ranked global manufacturer.

“If this merger proceeds, the creation of a new company could require more than a year,” Mike Manley said.