+ Publish Ad FREE !
Ads stats: last 24h - 65, actual - 1303, total - 96618

FCA withdraws its offer to merge with Renault

6 June 2019 - Autoblog

FCA withdraws its offer to merge with Renault

France wanted more time to persuade Nissan, so Fiat Chrysler walked

Fiat Chrysler Automobiles released a statement confirming that it has withdrawn its merger offer, saying "it has become clear that the political conditions in France do not currently exist for such a combination to proceed successfully." The full statement can be read below our original story, which continues below.

Fiat Chrysler has withdrawn its $35 billion merger offer for Renault, the Wall Street Journal and Bloomberg News reported on Wednesday.

A source said that FCA had informed Renault it had withdrawn the offer after Renault's board of directors failed to reach a decision on the merger during a meeting that ran late into the night Wednesday. Instead, the board granted the French government's request to postpone its vote. The government wanted time to persuade Renault's reticent alliance partner Nissan.

Renault's board issued a press release that said simply that it was "unable to take a decision due to the request expressed by the representatives of the French State to postpone the vote to a later Council."

WSJ reported that Nissan's two members on Renault's board were balking, while the rest of the board favored the merger.

The French government wouldn't it back the deal unless Nissan agreed to maintain its role in the Renault-Nissan alliance, sources said. Nissan had received little advance warning of the merger proposal and was balking. Apparently the French government thought Nissan could be brought around if given more time.

"We should take our time to make sure that things are done well," French Finance Minister Bruno Le Maire told French television on Wednesday.

When the French requested a delay and Renault's board granted it, FCA withdrew.

The French state, which owns 15% of Renault, had also been seeking more influence over the merged company, firmer job guarantees and improved terms for Renault shareholders in return for blessing the $35 billion tie-up.

The merger would have created the world's third-biggest automaker with combined sales of 8.7 million vehicles per year, and was intended to cut costs as the parties develop electric and autonomous vehicles.

Read Fiat Chrysler Automobile's full statement below:

FCA withdraws merger proposal to Groupe Renault


June 5, 2019 , London - IMPORTANT NOTICE

By reading the following release, you agree to be bound by the following limitations and qualifications: This press release is for informational purposes only and is not intended to and does not constitute an offer or invitation to exchange or sell or solicitation of an offer to subscribe for or buy, or an invitation to exchange, purchase or subscribe for, any securities, any part of the business or assets described herein, or any other interests or the solicitation of any vote or approval in any jurisdiction in connection with the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. This press release should not be construed in any manner as a recommendation to any reader of this press release.

This press release is not a prospectus, product disclosure statement or other offering document for the purposes of Directive 2003/71/EC of the European Parliament and the Council of November 4th, 2003, as amended, in particular, by Directive 2010/73/EC of the European Parliament and the Council of November 24th, 2010, as amended and as implemented in each member State of the European Economic Area and under French and Dutch law.

An offer of securities in the United States pursuant to a business combination transaction will only be made, as may be required, through a prospectus which is part of an effective registration statement filed with the US Securities and Exchange Commission. You may obtain copies of all documents filed with the SEC regarding the proposed transaction, documents incorporated by reference, and FCA's SEC filings at the SEC's website at http://www.sec.gov.

The Board of Fiat Chrysler Automobiles N.V. ("FCA") (NYSE: FCAU / MTA: FCA), meeting this evening under the Chairmanship of John Elkann, has resolved to withdraw with immediate effect its merger proposal made to Groupe 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. However it has become clear that the political conditions in France do not currently exist for such a combination to proceed successfully.

FCA expresses its sincere thanks to Groupe Renault, in particular to its Chairman and its Chief Executive Officer, and also to the Alliance partners at Nissan Motor Company and Mitsubishi Motors Corporation, for their constructive engagement on all aspects of FCA's proposal.

FCA will continue to deliver on its commitments through the implementation of its independent strategy.

News By Tags

2011 models2012 models3D printing458 italia6-series coupeA1A2abc motorsabu dhabiaccidentaccidentsaccordACIMacuraadidasadvertisingafricaAIairbagairbagsairbusairportAlbionalcotestalfaalfa romeoalgeriaalibabaAllemangeAlmaalpineAmauryamazonamendesamphibiousandroidAnil BachooAnse-la-Raieappappleappointmentsappsapriliaarabiaargentinaarielarnold schwarzeneggerarsenalArtashok leylandasiaastonaston martinauctionaudiaudit reportaustraliaAustralian Grand Prixaustriaautoauto industryauto shanghaiauto showauto-écoleautonomous carautonomus carAutopilotautopont de Decaenautopont Decaenautoroute M1aventadorawardsAxessBABagatellebahrain grand prixBAIBaie-du-TombeaubajajBalaclavaBambousBangkok International Motor ShowBangkok Motor ShowBangladeshBarklybatmobilebatterybattlebeachbeachesBeau-BassinBeau-VallonBeaux SongesBeaux-SongesbeetleBeijing Auto ShowBeijing Motor ShowBel-Ombrebelgian grand prixBelgiumBell-VillageBelle-Marebentleybernie ecclestonebetamaxbetamax casebicyclebicyclesbikebikesbiodieselBlue-BaybmwBMW 8 seriesBMW i8bmw m5BMW x7boatboatsboeingBogota Auto ShowBois-MarchandBois-Marchand accidentBois-PignoletBologna Motor ShowbondboschBPObrabusbrakesbrazilbrexitbribebribesbridgebridgestonebrioBrisée-VerdièreBritish Grand PrixbudgetbugattiBugatti Chironbugatti veyronbuggybuickburnoutbusbusesbuyingbydcadillaccalebassescamaroCamp-ChapelonCamp-DiableCanadacanadian grand prixCandosCanotCap-Malheureuxcaporal Chooluncarcar buying tipscar dealercar dealerscar importcar marketcar rentcar rentalcar salescar servicecar sharingcar showcar theftcar washcarbon fiberCarlos GhosnCarPlaycarscartingcascavelleCaudanCCIDCCTVCEBcelebretiescelebritiescentre de fitnessCentres De Fitnesscertificat de fitnessCESChamarelChamp de MarsChamp-de-MarsChebelChemin-GrenierChengdu Motor ShowcherychevroletChevrolet CamaroChevrolet CorvetteChicago Auto ShowchinaCHINESE GRAND PRIXChris EvanschryslerCité Vallijeecitroencivicclassicclassic carclassic carsclassicscode de la routecollectioncommercialcomparisonconceptconceptsconsumer reportscontraventionsconvertiblecoromandelcorruptioncorvettecour suprêmeCourtCourtsCPBcr-vcrashcrash testcrash testsCristiano RonaldocrossovercrowdfundingCubaCupraCurepipecustom bikecustom carcustomsCUVCWAcyclonedaciadaihatsudaimlerdakardartzdash camdashcamdatsundealersdecongestion routiereDelhi Auto ExpodeloreandesignDetroitDetroit Auto Showdéviationdéviationsdéviations routièresdieseldiesel scandalDIYDLCdodgedodge demonDonald TrumpDPPdragdrag battledrag racedrag racingdriftdriftingdriver licensedriverless cardrivingdriving licensedriving schooldriving schoolsdriving testdriving tipsdronedronesdrugsdrunk drivingdsDubaiDubai Motor ShowducatiearthquakeEbayebeneecoecologyeconomyEducationEICMAelecticelectricelon muskemissionsengen motor showengineenginesEOCethanoletios livaEUEuropeeveventsexcès de vitesseexpofacebookfailfakefake policeFast And Furiousfaux coupons de parkingfaux permis de conduireFCAfermetureFernando AlonsoferrariferryFIAfiatfiestafilmsfinancesfinefinesfinlandFireFirefightersfiskerfitness centerFlacqFlic-en-FlacfloodFloodsFlorealflying carflying taxiFond-du-SacFootballForbachForbach accidentforce indiafordford fiestaford focusFord mustangforest-sideformula Eformula1forza motorsportFrancefrankfurtfrankfurt motor showfraudFSCfuelfuel economy scandalfuel pricefuel stationfuel stationsfunnyfutureGaikindo Indonesia International Auto ShowGaikindo Indonesia International Motor ShowgamesGare du Nordgare VictoriageargeelygenesisGeneva Auto Showgeneva motor showgerman grand prixGermanygirlsgmgodzillagolfgolf carGoodlandsgoodwoodgooglegoogle glassGoProgovernmentgpsgran turismogrand tourgrand-baieGrand-BassinGrand-BoisGrand-Gaubegreat wallgreecegreengreen energygrnoGros-BoisGros-CaillouxGRSE accidentGTAGymkhanahackershakershamannharley davidsonharley-davidsonHatchbackhealthcarehellcatHennesseyHenriettaherohertzhighlandshistoryhit and runhitachiholdenHollandHollywoodhondaHonda AccordHonda BrioHonda Cityhonda civichonda cr-vhonda fitHonda HR-Vhonda jazzHonda VezelHong Konghorsepower falsifyingHospitalhospitalshot wheelshotelhotelshoverbikehoverboardhow toHuayrahummerhumorhungarian grand prixhurricaneHusqvarnahybridhydrogenhypercarhyundaiHyundai CretaHyundai i20Hyundai Konahyundai Santa FeHyundai TucsonHyundai Velosteri3i40ICACiframacIIHSillegal racesillegal racingillegal rallyillegal taxiillegal transportIMCimportindiaIndia Auto ExpoIndian Motorcycleindian motorcyclesIndian OilindicaIndonesiaIndonesia International Motor Showindonesia motor showinfinitiInfinityinfotainmentinfrastructureinsuranceintelinteriorinteriorsiPadiphoneiranirelandIRPisraelisuzuIsuzu D-maxIsuzu MU-XitaliaItalyjaguarjamesjames bondJames Mayjapanjapaneese carsjapanese carjapanese carsJapanese Grand PrixJawajazzJDMjeepJeep GladiatorJeep Grand CherokeeJeep Renegadejeep wranglerJeremy ClarksonjettaJin FeijobjobskartkawasakiKawasaki Ninjakei carken blockKenyakhankiaKia CeedKia ForteKia NiroKia SportageKia StingerKoenigseggkoreaKoshik ReesaulKTMKTM DukeLALA Auto Showla butteLa GauletteLa MarieLa PrairieLa VigieLallmatielamborghiniLamborghini Aventadorlamborghini huracanLamborghini Uruslancialandland cruiserland roverLand Rover DefenderLarsen & ToubroLaventurelawlawslazarethLe HochetLe Morneleallegolewis hamiltonlexuslicenselight metrolimousineLionel Messilotuslow cost carLRTluxuryluxury carluxury carsL’EscalierM1m2m3macondemad maxMadagascarMahebourgmahindramaintenancemalaysiamanmansorymanual transmissionmanufacturingMapoumapsMare d’AlbertMare-d’Albertmarketmarketingmartinmarutimaruti suzukiMaruti SwiftMaruti Wagon RmaseratiMatt LeBlancMauritiansmauritiusmaybachmazdaMazda MiataMazda Mx-5mazda3McLarenMcLaren 720smecedesmercedesMercedes G-ClassMESmetroMetro Expressmexican grand prixmexicomichael schumacherMicrosoftMidlandsminiminivanMITDmitsubishiMitsubishi DelicaMitsubishi L200Mitsubishi MirageMitsubishi OutlanderMitsubishi PajeroMitsubishi TritonMitsubishi XpandermitsubushimitsuokaMMMMokamonacomonaco grand prixMont-ChoisyMontagne-BlanchemontebelloMontebello accidentmontereymoparmorganMoroccomotomoto-écolemotormotor showMotor Vehicle LicenceMotor vehicle test centremotorcyclemotorcyclesmotorsportmotorsportsmotosportmoviesMPAmpvMRAmugenmuscle carMusicmustangmv agustamv augustaMVDANADA Auto ShowNandanee SoornackNando Bodhananonascarnavigation systemnavigation systemsNavin RamgoolamNCGNDUNepalnetherlandsnew carnew york auto shownew zealandnfsNHTSANigerianikolanissanissannissan altimaNissan FrontierNissan GT-RNissan JukeNissan KicksNissan LeafNissan Leaf NismoNissan MicraNissan navaraNissan NoteNissan SentraNissan TerraNissan TitanNissan ZnorwayNouvelle-FranceNTANTCNürburgringoff-roadoffroadOlympic GamesOnline Renewal of Motor Vehicle LicenceopelOpel Corsapaganipagani huayraPagani ZondaPaillesPakistanPamplemoussespanasonicParisparis motor showparkingparliamentPebble Beachpenaltiespenalty pointsPereyberepermis de conduirepetit raffrayPetit-RaffrayPetite-RivièrepetrolPetrol Retailers Associationpeugeotpeugeot 508PhilippinesPhoenixPhœnixpickuppickupspininfarinapirelliPitonPlace de l’ImmigrationPlace D’ArmesPlaine-des-PapayesPlaine-LauzunPlaine-MagnienPlaine-VerteplayboyPNQPointe-aux-SablespolandpolarispolicepoliticspollutionPomponettepontPont ColvillePont-Ferpontiacporscheporsche 911porsheportPort LouisPort-LouisPoste-de-FlacqPoste-LafayettePPCPPPprankPravind JugnauthpricepricespriusproguardprotestsprotonPSApublic transportpublict transportQ3qorosQuartier-Militairequatre-bornesr8Raceracingrainrallyrallyerallye illégalrallye motoramrangerange roverratingsRDArecallrecallsrecordrecordsred bullreduitrenaultRenault ClioRenault KwidrenderingRenewal of Motor Vehicle Licencerent a carrepairreplicaReunionRezvaniRHTRiambelRichard DuvalRichard HammondRiche-TerrerickshawrimacRing RoadrioRipaillesRiviere-des-AnguillesRiviere-du-RempartRiviere-Noireroadroad accidentroad accidentsroad rules & regualtionsroad rules & regulationsroad safetyRoad Traffic (Amendment) BillRoad Traffic ActRoad Traffic Amendment ActRoad Traffic Amendment BillRoad Traffic Billroadsroads safetyrobberyrobotrobotsroche-boisRodrigo DuterteRodriguesrolls-royceromeorond-point de Beau-BassinRose Hillrose-belleRose-HillroverRoyal EinfieldRoyal EnfieldRoyal Enfield Continental GTRRSRSURue Jemmapesrue VandermeerschrumoursRussiaRussian Grand Prixsaabsafetysafety ratingsafety ratingssafety testsafety testsSaint-PierreSainte-Croixsalesamsungsamusao paulo auto showSao Paulo Motor Showsaudisaudi arabiascamscandalscaniaschool busschool vanscooterscootersseatsebastian vettelsecond hand carsecond hand carssecond hand cars importsécurité routièreself driving carself-drivingself-driving carself-driving carsSEMASEMA showSeoul Motor Showservice stationsShanghaishanghai motor showshelbyShellshowsingaporeSingapore Grand PrixskodaSlovakiasmartSMFsnakeSobrinho caseSodnacSohail Sesungkursolar energySolitudesorezesoreze accidentsoulsound systemssouthsouth africasouth koreaspaceXspainSpanish Grand Prixspare partsspeed cameraspeed camerasspeed limitspeedingsportSportscarspy shotsssang yongSsangYongSt-JeanSt-Julienst-pierrestar warsstartupstations-servicestatisticsSTCste croixSte-Croixstreet racingstrikestudysubaruSudhir SesungkursudySunshine AutosupecarssupercarssuprcarssurveySUVsuzukiSuzuki ErtigaSuzuki HayabusaSuzuki IgnisSuzuki IntruderSuzuki JimnySuzuki Swiftsuzuki vitaraSuzuki Wagon RSuzuki XbeeSwedenswiftSwitzerlandTATaiwantakatatamarintankTanzaniaTarisa Resorttatataxtax fraudtaxestaxiTBStechnlogytechnolgytechnologytenderTerre-RougeTerre-Rouge–Verdunteslatesla model 3tesla model stest drivetestsThai Motor ExpoThai Motor ShowthailandThailand International Motor ExpoThe Grand TourThe ValetheftThierry Henryticket pricetipstiresTMRSUtokyoTokyo Auto Salontokyo motor showtoptop geartotaltourismtourism authoritytoyotaToyota 86Toyota Alphardtoyota C-HRtoyota camryToyota Centurytoyota corollaToyota HighlanderToyota HiluxToyota Land CruiserToyota PriusToyota RAV4Toyota Rushtoyota supraToyota Tacomatoyota yaristoystoytatrafficTraffic BranchtrailerTranquebartransformerstransporttransport policetrendsTrianontricksTriolettriumphTrois-BoutiquesTrou d’Eau DouceTrou-aux-BichesTrou-d'Eau-DouceTrou-d’Eau-DouceTrou-FanfarontrucktruckstsunamituningtuniningTurkeytvstyresUAEuberUBIWUBSukukraineunionsuomuralUrban TerminalUSUSAused carused car importused carsVacoasVacoas-PhoenixvalettaVallée-des-PrêtresVallee-Pitotvanvarma caseVeer Luchoomunvehicle inspectionVehiclesvelostervenezuelaVerdunVictoria Bus StationVictoria stationVictoria Urban TerminalvideoVienna Auto ShowvietnamVintagevintage carsVipervivo energyvolvolkswagenvolvovwvw beetleVW Buggyvw golfVW JettaVW passatvw t-crosswaymoWeatherwheelsWootonWorldyachtyamahayariszagato
Sell Your Car