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Fiat Chrysler has withdrawn its proposed merger with the French automaker Renault – an agreement that would have transformed the global automotive sector and would have helped automakers compete in the race for electric and autonomous vehicles.
The company said Wednesday that it "has become clear that the political conditions in France do not exist for such a combination to unfold successfully".
Earlier in the day, Renault (RNLSY) said the French government had asked its board of directors to postpone the vote on the merger.
France, which owns 15% of Renault's share capital and is its largest shareholder, had previously indicated that it would support a merger if companies protected French jobs and automobile plants.
Renault said Thursday in a statement that it was disappointed not to be able to continue the merger, which would have "great financial merit" and a "compelling industrial logic".
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