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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UPDATE: Fiat Chrysler Automobiles released a statement confirming that it has withdrawn its merger offer, saying "it has become clear that the political conditions in France do not currently exist for such a combination to proceed successfully."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 Fiat Chrysler has withdrawn its $35 billion merger offer for Renault, the Wall Street Journal and Bloomberg News reported on Wednesday. A source said that FCA had informed Renault it had withdrawn the offer after Renault's board of directors failed to reach a decision on the merger during a meeting that ran late into the night Wednesday.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.

Nissan GT-R LM hobbled by 'very minor' issue during Sebring test

We're always going to have a soft spot for the Rolex 24 at Daytona. It marks the start of the endurance racing season, after all. But it's the endurance racing circus' three-hour drive south for the annual to-do at Sebring International Raceway that really sets our hearts aflutter. That's because Sebring is generally used by the biggest teams as a tune-up for June's 24 Hours of Le Mans. The Floridian race might only be half as long, but the sheer brutality of the racing surface makes it a great test of a racer's durability, hence why it's a popular stop on the way to France. As it turns out, it was the track's roughness that was the reason Nissan decided to piggyback on one of Audi's tests at the south Florida circuit, Autosport reports. But an issue "to do with the engine mounting" on the front-engined GT-R LM racer sidelined the team. "It was actually a very minor thing, but we just don't have a spare here," Technical Director Ben Bowlby told Autosport. "We've spent a lot of time at Austin, which is very smooth, so we wanted to come to a particularly harsh environment like Sebring." While it seems rather silly to test somewhere in an attempt to "accelerate the durability cycle" without packing a full complement of spares, the rough surface of Sebring has a tendency to wreak havoc with even the most reliable of parts. Nissan did manage to run a total of 68 laps over the course of two days, with drivers Marc Gene and Olivier Pla at the wheel. At present, Nissan won't be running the GT-R LM in the actual 12 Hours of Sebring – it's first race outing will instead be at the 6 Hours of Silverstone, running next month. Related Video:

Nissan 370Z Nismo freshening coming tomorrow

Nissan is set to bring a special to the Fairlady faithful at the annual ZDAYZ fest. Based on the sole teaser and the event it's being unveiled at, it's pretty clear that Nissan is going to be issuing some kind of update to the Nismo version of its 370Z.
What that update is, though, is unclear. We can see a few small visual tweaks, like the horizontal LED running lights and their associated vertical vent. The grille looks reformed as well. Beyond that, though, it looks like we're stuck waiting for the full details until tomorrow afternoon. Until then, take a look below for the world's shortest press release.