Fiat Chrysler Withdraws Merger Bid With Renault

(RTTNews) - Fiat Chrysler Automobiles N.V. (FCAU) has withdrawn its proposed 50/50 merger with Renault, CNBC reported on Wednesday.

The report says that the merger was called off after Renault's board failed to make a decision on the bid.

The French car maker's board met to consider the proposal Wednesday, however, Nissan's two representatives on Renault's board were withholding their support while other board members were planning to submit favorable votes for the merger, the report says.

Renault's board in a press release said the directors "were unable to take a decision due to the request expressed by the representatives of the French State to postpone the vote to a later Council."

The merger would have created the world's third largest automaker and would produce estimated sales of 8.7 million vehicles per year.

The French government also reportedly said it would not support the merger unless Nissan guarantee it would continue to collaborate with Renault.