RENAULT, CHRYSLER IN ACCORD FOR CHRYSLER TO BUY AMC Regie Nationale des Usines Renault <RENA.PA> said it and Chrysler Corp <C> have signed a letter of intent in which Chrysler plans to buy American Motors Corp <AMO.N>, 46 pct owned by Renault. Renault President Raymond Levy said in a statement issued by the French state car group the agreement was an important stage in Renault's redeployment. "It will allow Renault to continue its export programme to the U.S. And also opens a perspective of cooperation with a major American constructor," the statement said. Under the terms of the letter of intent, Chrysler will purchase Renault's stake held in the form of bonds and shares. The Renault statement quoted Chrysler Chairman Lee Iacocca as saying, "We welcome AMC shareholders into the Chrysler family." He added that the accord would allow Renault and Chrysler to study the development of future products destined to be distributed by Renault and Chrysler in the North American and world markets. "Renault is a leader in our industry and I am happy to be working with them," Iacocca was quoted as saying. Chrysler will pay for Renault's AMC interests held in bonds by a 200 mln dlr bond and will pay up to 350 mln dlrs for Renault share interests, depending on AMC sales and future profits, the Renault statement said. The statement said the agreement in principle gave each side 30 days to put together a definitive accord. Approval would also be necessary from the Renault, Chrysler and AMC boards, from AMC shareholders and the relevant government authorities. If the deal goes ahead, the statement said, AMC shareholders other than Renault will receive Chrysler shares for each of their shares valued at four dlrs. AMC shareholders with convertible preferential shares will have the possibility to exchange them for Chrysler shares on the same conditions as those they would have had in exchanging them for AMC shares.