Search the Community
Showing results for tags 'french government'.
Found 1 result
-
French government says Renault-FCA's failed merger not its fault
chitchatboy posted a blog entry in MyAutoBlog
The French government has been blamed for the failure of Renault and Fiat Chrysler Automobiles's proposed merger. But it disagrees. It only took 10 days for the merger to fail as Reuters reported that the French government, which has a 15% stake in Renault, took things overboard by demanding a series of guarantees and concessions that were deemed excessive by FCA. A French government official then called FCA's Chairman John Elkann to persuade him to reconsider the offer but was rejected still. According to French finance minister Bruno Le Maire, the government engaged in the negotiations constructively but they weren’t ready to commit without the consensuses of Renault’s partner, Nissan. Meanwhile, Nissan's said that it would be neutral on the merger proposal. The article went on to say that the people in FCA was actually fine with Nissan's stance and put the blame on the French government for the collapse of the deal.