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FCA withdraws merger proposal to Groupe Renault, blaming political conditions in France

The Board of Fiat Chrysler Automobiles N.V. (FCA) 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, FCA said, it has become clear that the political conditions in France do not currently exist for such a combination to proceed successfully.

FCA expressed 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.

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