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Fiat Chrysler pulls Renault merger proposal

  • Fiat Chrysler (NYSE:FCAU) has withdrawn its $35B merger proposal for Renault (OTCPK:RNLSY) as both companies pointed a finger at what they described as meddling by the French government.
  • The country, which owns a 15% stake in Renault, reportedly pushed for guarantees that France would not lose jobs, and for a dividend to be paid to Renault shareholders, including the government.
  • France also sought to delay a decision on the deal - which would have created the world's third-largest automaker - in order to win the support of Nissan (OTCPK:NSANY), Renault's Japanese alliance partner.
  • FCAU -3.3% premarket; Renault shares are down 7% in Paris.

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