FCA withdraws Renault merger proposal

Fiat Chrysler Automobiles (FCA) has announced it's withdrawing its proposal to merge with Groupe Renault, in a press release issued this morning. "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," the company said.