India, June 6 -- Fiat Chrysler Automobiles NV (FCAU) on Wednesday withdrew its proposal to merge with the French car-maker Renault (RNSDY.PK,RNSDF.PK,RNT.L), saying that political conditions in France did not support the proposal.
"FCA remains firmly convinced of the compelling, 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," Fiat Chrysler said in a statement.
"However it has become clear that the political conditions in France do not currently exist for such a combination to proceed successfully," Fiat Chrysler said.
Earlier today, Renault said that it was unable to take a decision o...