No Deal: Fiat Chrysler, Renault Merger Offer Withdrawn

The merger that would have reshaped the global auto industry between Fiat Chrysler and Renault is now off.

Fiat Chrysler withdrew their nearly $5.6 million offer Wednesday.

The company says the move was made due to political conditions in France that would not allow a successful merger.

The French government, which owns 15% of Renault, indicated it would support the merger if French jobs were protected.

The goal of the merger was to help both automakers reach customers worldwide and fund new technologies.

The deal would have made the joint company the third largest automaker in the world.