Renault Disappointed At Not Having Opportunity To Pursue Fiat Chrysler Proposal

(RTTNews) - French car-maker Renault (RNSDY.PK, RNSDF.PK, RNT.L) on Thursday expressed its disappointment of not having the opportunity to continue to pursue the proposal of Fiat Chrysler Automobiles NV (FCAU).

The carmaker said it is gratified by the constructive approach of Nissan and wish to thank FCA for their efforts and the Renault's Board of Directors for its continued confidence.

Fiat Chrysler on Wednesday withdrew its proposal to merge with Renault saying that political conditions in France did not support the proposal.

Renault said that it was unable to take a decision on the proposal received from Fiat Chrysler due to the request expressed by the representatives of the French State to postpone the vote to a later Council.

In Late May, Fiat Chrysler submitted a 50/50 merger proposal to the Board of Groupe Renault, which would have created the world's third largest automaker and a Europe-based global auto powerhouse.