{"id":121633,"date":"2019-06-06T19:40:20","date_gmt":"2019-06-06T19:40:20","guid":{"rendered":"https:\/\/www.bnreport.com\/french-government-fiat-chrysler-blame-each-other-for-failed-renault-bid\/"},"modified":"2019-06-06T19:40:20","modified_gmt":"2019-06-06T19:40:20","slug":"french-government-fiat-chrysler-blame-each-other-for-failed-renault-bid","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/french-government-fiat-chrysler-blame-each-other-for-failed-renault-bid\/","title":{"rendered":"French government, Fiat Chrysler blame each other for failed Renault bid"},"content":{"rendered":"

The French government on Thursday dismissed allegations by Fiat Chrysler that political interference was to blame for a failed tie-up with French carmaker Renault.<\/p>\n

\u201cThe reason why this deal didnt happen was to ensure the alliance with Nissan was preserved. It has nothing to do with the French state stake [in Renault] or political decisions,\u201d a government official told reporters.<\/p>\n

The official denied that the collapse of merger talks had anything to do with conditions posed by the French government on keeping jobs and operations in France. The Fiat Chrysler (FCA) board decided Thursday to pull out of its \u20ac33 billion merger proposal with the Renault group, blaming \u201cthe political conditions in France.\u201d<\/p>\n

Fiat Chryslers move came after Renaults board delayed a decision on whether to engage with the merger proposal at a meeting Wednesday evening. The French government is Renaults largest shareholder, with a 15 percent stake in the carmaker.<\/p>\n

\u201cThe [French] State wanted the board to have an additional 5-day delay to secure the support of all stakeholders involved,\u201d the French finance ministry said in press release.<\/p>\n

Renault has a long-standing relationship with Japanese carmaker Nissan, but ties between the two automakers have frayed after Japanese authorities arrested Carlos Ghosn, the former CEO of Renault and chairman of Nissan, last year on charges of financial wrongdoing.<\/p>\n

In a statement<\/a>, the FCA board said that while it \u201cremains firmly convinced of the compelling, transformational rationale\u201d of the 50-50 merger proposal, \u201cit has since become clear that the political conditions in France do not currently exist for such a combination to proceed successfully.\u201d<\/p>\n

Meanwhile, Renault said in a statement<\/a> that its board is not in a position to green-light the merger talks because of \u201cthe request by the French government to postpone the decision to another board meeting.\u201d<\/p>\n

A Fiat official said: \u201cThe French government tried to impose conditions that we very simply could not meet.\u201d<\/p>\n

The Fiat official said the French sought to delay the merger for the second time after a six-hour late-night board meeting on Wednesday because Paris wanted further reassurances on \u201ca seat on the board of the new company for the French state, operative headquarters in France and French jobs preservation.\u201d<\/p>\n

Deputy Prime Minister Luigi Di Maio, from the populist 5Stars Movement, told an Italian radio show: \u201cThe FCA-Renault case shows its not alwaRead More \u2013 Source<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The French government on Thursday dismissed allegations by Fiat Chrysler that political interference..<\/p>\n","protected":false},"author":1,"featured_media":121634,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-121633","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nFrench government, Fiat Chrysler blame each other for failed Renault bid - Business News Report<\/title>\n<meta name=\"description\" content=\"The French government on Thursday dismissed allegations by Fiat Chrysler that political interference..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/french-government-fiat-chrysler-blame-each-other-for-failed-renault-bid\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"French government, Fiat Chrysler blame each other for failed Renault bid - 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