June 6, 2019—The Board of Fiat Chrysler Automobiles meeting Wednesday evening under the chairmanship of John Elkann, resolved to withdraw with immediate effect its merger proposal made to Group Renault.
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, the company said in a statement. However, it added it has become clear that the political conditions in France do not currently exist for such a combination to proceed successfully.
FCA expressed thanks to Groupe Renault for its constructive engagement on all aspects of FCA’s proposal.
