Hollande: Post-Brexit relationship needs to be well defined

French President Francois Hollande says the European Union wants to keep working with Britain once it leaves the trade bloc, but only under "very well defined criteria."

Speaking alongside German Chancellor Angela Merkel and European Commission President Jean-Claude Juncker on Wednesday, Hollande said neither the EU nor Britain would benefit from a "vague relationship."

Merkel added that despite the Brexit decision, the remaining EU nations are "determined" to work on economic development within the bloc.

The leaders made their statements in Berlin ahead of a meeting with about 20 CEOs from top European companies.