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FIAT withdraw merger proposal made to Renault
The Board of Fiat Chrysler Automobiles (FCA) meeting Wednesday evening under the Chairmanship of John Elkann, has resolved to withdraw with immediate effect its merger proposal made to Groupe Renault. FCA 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. FCA expresses its sincere thanks to Groupe Renault, in particular to its Chairman and its Chief Executive...
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