Sunday , April 11 2021

Fiat has withdrawn its bid to merge with Renault

Nissan's rejection in April for a stronger proposal for integration with Renault has accelerated Franco-Italian negotiations.

onItalian carmaker Fiat Chrysler (FCA) confirmed on Thursday that it is pulling its bid to merge with Renault, saying it can not get an agreement from the French government.

Fiat Chrysler "remains firmly convinced" in the interest of its offer, but "at present, no political conditions are in place in France to carry out such rapprochement," the manufacturer said in a statement.

Renault previously announced that its board of directors, who met for the second consecutive day to study this proposal, did not make a decision at the request of the French state, a shareholder 15 percent.

Do not rush

Economy Minister Bruno Le Maire said he wanted the board board on Tuesday (next) after his trip to Japan "scheduled for the weekend, a source close to Renault said. The minister wanted to talk to his Japanese counterpart first.

The government warned against "any speed" in connection with the proposed 50/50 merger. During a board vote on Wednesday night, "all the directors were unlike a CGT-related employee and two Nissan officials who abstained, as expected," said a source close to the manufacturer.

The two executives appointed by Nissan, however, asked "to write in the record that they will say yes with a little more time."

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