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| Fiat Chrysler withdraws bid for Renault | Fiat Chrysler withdraws bid for Renault |
| (32 minutes later) | |
| Fiat Chrysler has withdrawn its merger proposal for French carmaker Renault, the Italian firm has said. | Fiat Chrysler has withdrawn its merger proposal for French carmaker Renault, the Italian firm has said.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. | 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. | 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%. | 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. | |
| In its statement, Fiat Chrysler said it remained "firmly convinced" of the "compelling, transformational rationale" of the tie-up. | |
| It said the terms had been "carefully balanced to deliver substantial benefits to all parties". | |
| It added: "However, it has become clear that the political conditions in France do not currently exist for such a combination to proceed successfully." | |
| Industry shifts toward electric models, along with stricter emissions standards and the development of new technologies for autonomous vehicles, have put increasing pressure on carmakers to consolidate. | |
| The former chief executive of both Nissan and Renault, Carlos Ghosn, is awaiting trial following his fourth arrest amid allegations of financial misconduct. | |
| The allegations have put a strain on the 20-year-old alliance, which also includes Japan's Mitsubishi Motors. |