Title : Fiat Chrysler withdraws from Renault merger, citing French politics
link : Fiat Chrysler withdraws from Renault merger, citing French politics
Fiat Chrysler withdraws from Renault merger, citing French politics
Fiat Chrysler Automobiles is withdrawing its proposal to merge with French automaker Renault because of politics, according to a statement sent by FCA on Wednesday.
The merger, first proposed by FCA last month, would have created the world's third largest auto manufacturer, focusing on electric and autonomous vehicles.
FCA's board stood by their decision to propose the merger, calling it a "carefully balanced" submission that would benefit both parties.
"However, it has become clear that the political conditions in France do not currently exist for such a combination to proceed successfully," the company says.
The French government owns 15 per cent of Renault.
Sources had earlier told Reuters that Fiat Chrysler had resolved key differences with France over the proposed merger, as talks on the tie-up plan progressed toward a possible agreement on Wednesday.
A merger would have created an automaker worth almost $40 billion. The combined company would have produced about 8.7 million vehicles a year, trailing only Volkswagen and Toyota.
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