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BREAKING NEWS

BREAKING NEWS

FCA chairman says talks with Renault could go no further

FCA chairman says talks with Renault could go no further
FILE PHOTO: John Elkann, Chairman of Fiat Chrysler Automobiles (FCA), attends the presentation of the Science Gateway at the CERN in Meyrin near Geneva, Switzerland, April 8, 2019. REUTERS/Denis Balibouse -
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Denis Balibouse(Reuters)
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MILAN (Reuters) – Fiat Chrysler withdrew a proposal to merge with French rival Renault after it became clear discussions could go no further, but it remains “open to opportunities of all kinds”, its chairman wrote in a letter to staff.

“The decision to engage in these discussions with Groupe Renault‎ was the right one and one we took after much preparation on many fronts,” John Elkann wrote in the letter.

Elkann said the decision to end the talks aimed to protect the interests of the company, its employees and stakeholders once it had become clear that the discussions had been taken “as far as they can reasonably go.”

FCA, under Mike Manley’s leadership, is an outstanding business … with a clear strategy for a strong, independent future. We will continue to be open to opportunities of all kinds that offer the possibility to enhance and accelerate the delivery of that strategy and the creation of value,” he wrote.

(Reporting by Valentina Za, editing by Francesca Landini)

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