France: Fiat Chrysler scrapped Renault merger plan too fast

A French government official says Fiat Chrysler is at fault for the collapse of a potential industry-changing merger with Renault because the carmaker pushed too hard and too fast

ByThe Associated Press
June 6, 2019, 1:28 AM

PARIS -- A French government official says Fiat Chrysler is at fault for the collapse of a potential industry-changing merger with Renault because the carmaker pushed too hard and too fast.

As Renault's biggest single shareholder, the French government had placed conditions on the deal and wanted to continue talks next week.

But Fiat Chrysler Automobiles abruptly withdrew the merger offer early Thursday, blaming the "political conditions in France."

The French official said France wanted to delay a vote until Tuesday to give more time to discuss it with Renault's alliance partner Nissan, and said Fiat Chrysler put "massive pressure" to quickly take the offer or leave it. The official was not authorized to be named according to government policy.

The merger would have created the world's No. 3 carmaker.

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