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Fiat Chrysler withdraws bid for Renault

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Fiat Chrysler has withdrawn its merger proposal for French carmaker Renault, the Italian-American firm has said in a statement.

The announcement followed a failed attempt by Renault board members to reach a decision on the offer.

Renault said it had been unable to reach agreement because French government representatives had requested a postponement.

The French government is the biggest shareholder in Renault, with a stake of more than 15%.

Fiat Chrysler and Renault potential merger

Japan’s Nissan also owns 15% of Renault, while Renault owns 43.4% of Nissan’s shares.

Fiat Chrysler made the offer for Renault at the end of last month, describing it as a “transformative” proposal that would create a global automotive leader.

Carmakers have faced pressure to consolidate amid major industry shifts, including towards electric vehicles.

Via CNN/FIAT Chrysler

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