FCA withdraws merger proposal to Groupe Renault

The board of Fiat Chrysler Automobiles has resolved to withdraw with immediate effect its merger proposal made to Groupe Renault.

FCA has cited that the political conditions in France do not currently exist for such a combination to proceed successfully.

FCA said: “FCA expresses its sincere thanks to Groupe Renault, in particular its Chairman and its Chief Executive Officer, and also to the Alliance partners at Nissan Motor Company and Mitsubishi Motors Corporation, for their constructive engagement on all aspects of FCA’s proposal.”

“FCA will continue to deliver on its commitment through the implementation of its independent strategy.”