FCA withdraws Renault offer according to new report
A new report claims that Fiat Chrysler has withdrawn its Renault merger offer. Apparently, Nissan declined to support the deal, leading to FCA’s withdrawal.
Hiroto Saikawa, Nissan's CEO, previously told reporters that while the merger is a matter for two brands involved, he would like to see an outcome that is also “supportive of [Nissan’s] interests.”
It was believed that Nissan could profit if the merger was to go ahead, as FCA could, in effect, become a ‘client’ for Nissan. Nissan could ‘sell’ its technologies to FCA through the Renault link, creating more business for the Japanese manufacturer.
However, it seems that has all gone down the toilet.
Nissan’s two representatives on Renault’s board withheld support as the other members prepared to vote in favour, raising doubts about Nissan’s commitment to the Renault-Nissan-Mitsubishi Alliance.
The French government asked for a delay on a vote, prompting FCA to pull the plug entirely.
None of the parties involved have made official statements yet however.