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Fiat Chrysler withdraws merger offer with Renault

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A picture taken on May 27, 2019 at a car dealer in Turin shows the logo of Italian carmaker Fiat, brand of Fiat Chrysler Automobiles (FCA) company. - French and Italian-US auto giants Renault and Fiat Chrysler are set to announce talks on an alliance, with a view to a potential merger, informed sources said on May 26, 2019. (Photo by MARCO BERTORELLO / AFP) (Photo credit should read MARCO BERTORELLO/AFP/Getty Images)

PARIS — Fiat Chrysler says it has withdrawn an offer to merge with French automaker Renault.

The company says in a statement Wednesday evening that it will make more information available later.

The move comes just after Renault said its board postponed voting on the merger at the request of the French government.

Earlier Wednesday a person briefed on the matter said FCA had reached a tentative deal with France over merger terms. The person didn’t want to be identified because the Renault board was meeting at the time.

Fiat Chrysler had proposed merging with Renault to create the world’s third-biggest automaker, worth almost $40 billion.

The combined company would have produced some 8.7 million vehicles a year, more than General Motors and trailing only Volkswagen and Toyota.

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