Fiat Chrysler Automobiles N.V. (FCA) confirmed on Thursday that it ended merger talks with Groupe Renault with immediate effect. In spite of reports claiming that the negotiations failed because Renault board members from Nissan Motor Co. withdrew their support, FCA thanked them "for their constructive engagement on all aspects" of the proposal.
"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. However it has become clear that the political conditions in France do not currently exist for such a combination to proceed successfully," the company stated.
