Fiat Chrysler proposed a Renault merger — then walked away when Paris wanted time

In 2019 FCA proposed a €33bn merger with Renault that would have made them the world's third-largest carmaker. The French state stalled the vote; FCA withdrew.

Fiat Chrysler Automobiles · Renault

传闻流传很广，但拿不出可查的文件。当成教训看，别当成事实。

对今天的意义

Any deal that needs a state shareholder's blessing can die on that state's timetable. FCA's merger with Renault collapsed when the French government asked for more time — and the tie-up went to a different partner.

怎么回事

In late May 2019 Fiat Chrysler Automobiles proposed a 50-50 merger with Renault that would have created the world's third-largest carmaker behind Volkswagen and Toyota. FCA promised annual savings of more than €5 billion and said no plants would close as a result of the deal.

On 5 June 2019 the Renault board met to consider the proposal. The French government, which owned 15% of Renault and was its largest shareholder, asked the board to postpone the vote — it wanted guarantees on French jobs and plants before it would let the deal go forward. The vote stalled.

The following day Fiat Chrysler withdrew its proposal with immediate effect, saying the political conditions in France did not exist for the combination to proceed. Renault, disappointed, called the deal one of great financial merit and compelling industrial logic; its shares fell nearly 7% in Paris.

Renault was left to go it alone. Five months later Fiat Chrysler announced a merger with the French group PSA Peugeot, completed in January 2021 as Stellantis — leaving Renault's management on the outside of the industry-shaping tie-up it had very nearly made.

为什么会这样

The deal's timing ran straight into French politics: the state, Renault's largest shareholder at 15%, wanted more time and guarantees on jobs and plants before any vote
FCA treated the delay as a deal-killer and withdrew outright, blaming political conditions, rather than negotiating through it — so the collapse was total rather than a pause
Renault had no plan B: with its alliance strained after Ghosn's 2018 arrest and no other partner on offer, it was left to go it alone while FCA found PSA

代价The €33bn merger and the €5bn-a-year savings it promised代价高昂

教训

A merger that needs a government's blessing can die on that government's timetable. FCA's deal fell to a request for more time — and the tie-up went to a different partner.

后来呢

Renault shares fell nearly 7% in Paris the day the talks collapsed. Fiat Chrysler moved on: it announced a merger with PSA Peugeot on 31 October 2019, signed binding terms in December, and completed the combination as Stellantis on 16 January 2021. Renault, still recovering from the Ghosn affair, was left without the scale the FCA deal would have given it.

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