Fiat Chrysler withdraws Renault merger offer
The company reported Thursday that no longer considers the union with the car maker although it still insists that its offer is "convenient"
Fiat Chrysler Automobiles (FCA) agreed on Thursday to withdraw the proposal to merge with the Renault Group due to the reluctance raised by the French Government which has 15% of the shares of the French car manufacturer.
In a statement, the Italian-American group has explained that the necessary political conditions do not exist in France for the merger to be carried out successfully, after the Executive of Emmanuel Macron has called for prudence and not to rush.
The Fiat Board, under the chairmanship of John Elkann, reaffirmed that it remains “firmly” convinced of the attractiveness of its offer, whose terms were carefully worked to offer substantial benefits to both parties.
This announcement comes after the board of directors of Renault postponed again any decision on the possible merger after a meeting held on Wednesday under the presidency of Jean-Dominique Senard.
At the end of the meeting, the French manufacturer has indicated that it has not been able to make a decision in this regard due to the desire of the representatives of the French State to postpone the vote to a subsequent council, although it has not provided a date for its conclusion.
The French company adopted this decision after members of the Government of Macron have asked the French manufacturer not to rush to take a decision on the proposed merger.
K. Tovar
Source: El Pais
