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FCA withdraws its offer to merge with Renault

UPDATE: Fiat Chrysler Automobiles released a statement confirming that it has withdrawn its merger offer, saying "it has become clear that the political conditions in France do not currently exist for such a combination to proceed successfully." The full statement can be read below our original story, which continues below. Fiat Chrysler has withdrawn its $35 billion merger offer for Renault, the Wall Street Journal and Bloomberg News reported on Wednesday. A source said that FCA had informed Renault it had withdrawn the offer after Renault's board of directors failed to reach a decision on the merger during a meeting that ran late into the night Wednesday. Instead, the board granted the French government's request to postpone its vote. The government wanted time to persuade Renault's reticent alliance partner Nissan. Renault's board issued a press release that said simply that it was "unable to take a decision due to the request expressed by the representatives of the French State to postpone the vote to a later Council." WSJ reported that Nissan's two members on Renault's board were balking, while the rest of the board favored the merger. The French government wouldn't it back the deal unless Nissan agreed to maintain its role in the Renault-Nissan alliance, sources said. Nissan had received little advance warning of the merger proposal and was balking. Apparently the French government thought Nissan could be brought around if given more time. "We should take our time to make sure that things are done well," French Finance Minister Bruno Le Maire told French television on Wednesday. When the French requested a delay and Renault's board granted it, FCA withdrew. The French state, which owns 15% of Renault, had also been seeking more influence over the merged company, firmer job guarantees and improved terms for Renault shareholders in return for blessing the $35 billion tie-up. The merger would have created the world's third-biggest automaker with combined sales of 8.7 million vehicles per year, and was intended to cut costs as the parties develop electric and autonomous vehicles. Read Fiat Chrysler Automobile's full statement below: FCA withdraws merger proposal to Groupe Renault June 5, 2019 , London - IMPORTANT NOTICE The Board of Fiat Chrysler Automobiles N.V. ("FCA") (NYSE: FCAU / MTA: FCA), meeting this evening under the Chairmanship of John Elkann, has resolved to withdraw with immediate effect its merger proposal made to Groupe Renault.

Fiat sells part of its historic Lingotto factory in Turin

Stellantis-owned Fiat is selling part of its historic Lingotto factory in Turin, Italy, in a bid to downsize its real estate assets. Inaugurated in 1923, the facility built numerous Fiat models until it closed in 1982, and a test track built on its roof made it famous all around the world. Italian website Motori Online reported that digital services specialist Reply purchased a roughly 215,000-square-foot chunk of the complex with plans to turn it into an office building. There's no word yet on how much Fiat sold the space for, but most sources agree that the firm will retain ownership of the test track. And, the building itself isn't going anywhere: Reply will move in, but it won't knock it down and rebuild it. The test track that made Lingotto famous wasn't merely a gimmick: it was an important part of the production process for several decades. Raw materials entered the building on the ground floor and cars made their way through several stations scattered across the five floors before ending up (in one piece) on the roof. They were then driven for about half a mile before being sent out of the complex. This sped up the production process because road testers could put new cars through their paces without having to leave Turin, and it allowed Fiat to test prototypes without worrying about getting spotted by spy photographers. The track was also featured in the 1969 movie The Italian Job.  This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Fiat isn't the first Stellantis brand to leave its historic home. Peugeot left its headquarters in downtown Paris for the same reasons in 2017. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Auto News Plants/Manufacturing Fiat

Fiat observes Paris Fashion Week with 500 Couture special edition

The Paris Motor Show may be where the bulk of new cars will be presented this week in the French capital, but it's not the only place. Fiat has chosen the swank Champs Elysées to unveil a trio of special-edition Cinquecento models as part of Fashion Week.
The first in the 500 Couture line will be the Fiat 500 Ron Arad Edition, born out of a collaboration with the noted Israeli fashion designer. As you can see above, it features a metallic black paint job emblazoned with the silhouette of the original Cinquecento, showing just how much bigger the current 500 is than its progenitor. It also features a glass sunroof, chrome trim, white mirror caps, 16-inch alloys and a black interior with Poltrona Frau leather and all the fixin's.
The 500 Ron Arad edition is joined by the 500 Comics and 500 Camouflage show cars, the former with a vibrant yellow and black paint job and stitching graphics, the latter with a gray/green treatment with bright yellow mirror caps. See 'em all in the image gallery above.