Jun 6, 2019

Fiat Chrysler withdraws bid for Renault

Fiat Chrysler has withdrawn its merger proposal for French carmaker Renault, the Italian firm has said. 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%. 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.

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