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France tries to dodge blame for blowing up FCA-Renault merger deal

PARIS — France sought to fend off a hail of criticism on Thursday after it was blamed for scuppering a $35 billion-plus merger between carmakers Fiat-Chrysler and Renault only 10 days after it was officially announced. Shares in Italian-American FCA and France's Renault fell sharply in early trading after FCA pulled out of talks, saying "the political conditions in France do not currently exist for such a combination to proceed successfully." French finance minister Bruno Le Maire said the government, which has a 15% stake in Renault, had engaged constructively, but had not been prepared to back a deal without the endorsement of Renault's current alliance partner Nissan. Nissan had said it would abstain at a Renault board meeting to vote on the merger proposal. However, a source close to FCA played down the significance of Nissan's stance in the discussions, believing French President Emmanuel Macron was looking for a way out of the deal after coming under pressure at home. Context The FCA-Renault talks were conducted against the backdrop of a French public outcry over 1,044 layoffs at a General Electric factory. The U.S. company had promised to safeguard jobs there when it acquired France's Alstom in 2015. The collapse of the deal, which would have created the world's third-biggest carmaker behind Japan's Toyota and Germany's Volkswagen, revives questions about how both FCA and Renault will meet the challenges of costly investments in electric and self-driving cars on their own. The merger had aimed to achieve 5 billion euros ($5.6 billion) in annual synergies, with FCA gaining access to Renault's and Nissan's superior electric drive technology and the French firm getting a share of FCA's lucrative Jeep and Ram brands. FCA has long been looking for a merger partner, and some analysts say its search for a deal is becoming more urgent as it is ill-prepared for tougher new regulations on emissions. It previously held unsuccessful talks with Peugeot maker PSA Group, in which the French state also owns a stake. French budget minister Gerald Darmanin said the door should not be closed on the possibility of a deal with Renault, adding Paris would be happy to re-examine any new proposal from FCA. "Talks could resume at some time in the future," he told FranceInfo radio.

Autoblog Minute: No strike, FCA and UAW reach tentative agreement

A union strike is avoided as the United Auto Workers reached a tentative agreement with FCA. Autoblog's Adam Morath reports on this edition of Autoblog Minute. Show full video transcript text [00:00:00] A union strike is avoided as the United Auto Workers reached a tentative agreement with FCA. I'm Adam Morath and this is your Autoblog Minute. The previous contract extension between the UAW and FCA expired at 11:59 pm on Wednesday, October the 7th. Had a new agreement not been reached, the UAW was set to strike at midnight. A zero hour tentative agreement was reached preventing a strike and now, [00:00:30] UAW leaders will convene for a vote on a new deal, Friday, October 9th. In a press release, the UAW said that terms of the new deal will be announced following the Friday vote. Check in with Autoblog as we continue to update reports as more details of the new labor deal come in. But in the meantime, work at FCA will go on. For Autoblog I'm Adam Morath. Autoblog Minute is a short-form video news series reporting on all things automotive. Each segment offers a quick and clear picture of what's happening in the automotive industry from the perspective of Autoblog's expert editorial staff, auto executives, and industry professionals. UAW/Unions Chrysler Fiat Autoblog Minute Videos Original Video FCA strike

Junkyard Gem: 1979 Chrysler Cordoba

The original Cordoba personal luxury coupe, which debuted for the 1975 model year, was a big hit for Chrysler. Through the 1979 model year, it was based on the successful Chrysler B-Body platform, making it a sibling to the Dukes of Hazzard Charger and Governor Moonbeam's Plymouth Satellite sedan. I see a surprising number of Cordobas showing up in the self-service wrecking yards I frequent in California and Colorado, and this two-tone '79 showed up in a San Francisco Bay Area yard a while back. You could get the 1979 Cordoba with typical 1970s fuzzy-velour seats, but this one has the iconic Corinthian Leather of Ricardo Montalban fame. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Yes, soft Corinthian Leather! This one has just about every possible option, if we are to go by the information in the brochure. The vinyl landau roof and two-tone paint were for serious buyers only. This V8 is either a 318 or a 360, and we won't discuss the depressing power figures that you get with engines of the late 1970s. Worth restoring? Not in this kind of condition. Source of parts for other, more valuable B-bodies? Yes. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Featured Gallery Junked 1979 Chrysler Cordoba View 17 Photos Auto News Chrysler