FCA Withdraws Merger Proposal To Groupe Renault

Fiat Chrysler Automobiles (FCA) announced that it has withdrawn its merger proposal to Groupe Renault.

According to a release from FCA, the board of the company after a meeting under the chairmanship of John Elkann “resolved to withdraw with immediate effect its merger proposal made to Groupe Renault.”

FCA added in the release that it “remains firmly convinced of the compelling, transformational rationale of a proposal that has been widely appreciated since it was submitted, the structure and terms of which were carefully balanced to deliver substantial benefits to all parties. However it has become clear that the political conditions in France do not currently exist for such a combination to proceed successfully.”