Fiat Chrysler has withdrawn its proposal to merge with Renault after the French auto maker’s alliance partner, Nissan Motor, refused to back the deal.
PARIS—Fiat Chrysler Automobiles NV has withdrawn its proposal to merge with Renault SA after the French auto maker’s alliance partner, Nissan Motor Co., declined to back the deal, according to people familiar with the matter.
The French state, Renault’s top shareholder, went into a marathon board meeting Wednesday evening saying its prime condition for approving the $40 billion merger was that the deal fit within the framework of Renault’s decadeslong alliance with Nissan, the people said.
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