Fiat Chrysler Automobiles or FCA has withdrawn its merger proposal with Groupe Renault, barely a week after the proposal was made. This announcement was made through a statement the company issued today.


“FCA remains firmly convinced of the compelling,” the statement says, “transformational rationale of a proposal that has been widely appreciated since it was submitted, the structure and terms of which were carefully balanced to deliver substantial benefits to all parties. However it has become clear that the political conditions in France do not currently exist for such a combination to proceed successfully.” For now it is unclear if FCA will wait for the political climate in France to change or if it will completely abandon its charge. Only time will tell.

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