The Board of Fiat Chrysler Automobiles which met under the
Chairmanship of John Elkann, has resolved to withdraw with immediate effect its
merger proposal made to Groupe Renault.
The press statement said that 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 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 commitments through the implementation of its
independent strategy, the release added.
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