Fiat Chrysler withdraws proposal for merger with Renault

Fiat Chrysler's proposed merger with Renault, which could have created the world's third largest automobile company, has collapsed on Wednesday.
Its plan to join forces with Renault fell through after the French government, Renault's biggest shareholder, wasn't ready to sign off on the deal.
The French government said it wouldn't support the merger unless Nissan guaranteed that its alliance with Renault would continue.
French Finance Minister Bruno Le Maire said that an agreement could not be reached between all partners in the negotiations on the government's conditions for a deal.
The merger could have saved the carmakers more than 5-point-6 billion dollars a year.