Fiat Chrysler has withdrawn its proposal to merge with French automaker Renault — a deal that would have reshaped the global auto industry and helped the carmakers compete in the race for electric and self-driving vehicles
The company said Wednesday that it"has become clear that the political conditions in France do not currently exist for such a combination to proceed successfully."Earlier in the day, Renault indicated the French government requested its board of directors postpone the vote on the merger. France, which owns 15% of Renault, previously indicated that it would support a merger if the companies protect French jobs and auto plants.Renault could not be reached for comment Wednesday evening.
But that alliance was put under extreme pressure when Renault's Chairman and CEO Carlos Ghosn was arrested in Japan last year, accused of improprieties in his pay package from Nissan.Nissan declined to comment late Wednesday on Fiat Chrysler's withdrawal. Nissan, Renault and Mitsubishi Motors together employ more than 470,000 people in nearly 200 countries. They sold more than 10.7 million cars worldwide in 2017.
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