Fiat Chrysler dropped its $35 billion-plus offer to merge with rival French automaker Renault late Wednesday, only 10 days after the offer was made public. Fiat Chrysler blamed French politicians. France, which holds a 15 percent stake in Renault, said it had engaged with Fiat Chrysler in good faith but couldn't back a deal not supported by Renault's Japanese partner Nissan. The combined company would have been the world's third-largest automaker, after Toyota and Volkswagen.
"It has become clear that the political conditions in France do not currently exist for such a combination to proceed successfully," Fiat Chrysler said in a statement. Renault's shares dropped sharply Thursday.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Foreigners in Spain facing a 100% tax on homes as the country battles a housing crisisUnder the Radar The goal is to provide 'more housing, better regulation and greater aid,' said Spain's prime minister
-
Sudoku hard: January 22, 2025The Week's daily hard sudoku puzzle
-
Codeword: January 22, 2025The Week's daily codeword puzzle
-
Getty Images and Shutterstock merge into a picture powerhouse to combat AIThe Explainer The $3.7 billion deal is one of the largest in the industry's history
-
US port strike averted with tentative labor dealSpeed Read The strike could have shut down major ports from Texas to Maine
-
Biden expected to block Japanese bid for US SteelSpeed Read The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns
-
Judges block $25B Kroger-Albertsons mergerSpeed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
-
Rupert Murdoch loses 'Succession' court battleSpeed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
-
Bitcoin surges above $100k in post-election rallySpeed Read Investors are betting that the incoming Trump administration will embrace crypto
-
Enron mystery: 'sick joke' or serious revival?Speed Read 23 years after its bankruptcy filing, the Texas energy firm has announced its resurrection
-
US charges Indian tycoon with bribery, fraudSpeed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
