The big buzz about the Fiat Chrysler Automobiles' proposed merger with the Renault Group has turned into a whimper with FCA withdrawing the proposal.
Yesterday, late evening, the Board of Fiat Chrysler Automobiles met under the chairmanship of John Elkann and resolved to withdraw with immediate effect its merger proposal made to Groupe Renault.
In its statement, the company said: “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.”