France hopes 'door not closed' on FCA/Renault deal - French budget minister

France hopes 'door not closed' on FCA/Renault deal - French budget minister

Fiat Chrysler's USA sales chief says the company violated Michigan's Whistleblower Protection Act, retaliating against him because he testified before the Securities and Exchange Commission.

In their statement, FCA said they withdrew their proposal due to the French government.

Fiat Chrysler's US sales chief is suing the company, alleging that it withheld 90 per cent of his pay package because he testified in a government inquiry of sales reporting practices.

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

While Nissan Motor Co had a weaker bargaining position from the start, with its financial performance crumbling after the arrest past year of its star executive Carlos Ghosn, it still had as its crown jewel the technology of electric vehicles and hybrids that Fiat Chrysler wanted.

The FCA-Renault talks were conducted against the backdrop of a French public outcry over 1,044 layoffs at a General Electric factory.

The suit said Bigland's candor with US investigators and "unwillingness to act as a scapegoat for defendants' 30-year practice which predated him" resulted in the company retaliating "less than two months later by withholding his compensation".

What could have been the biggest merger in recent automotive history will be no more.

The unsuccessful merger talks mean that FCA may next approach French automaker PSA, which operates the Peugeot and Citroen brands.

A Renault Dezir electric concept vehicle is displayed at the French carmaker's booth at the Geneva Motor Show on March 2.

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"Talks could resume at some time in the future", Darmanin told FranceInfo radio on Thursday.

However, Evercore ISI analysts said the chances of a deal had "materially fallen".

Fiat Chrysler said in a statement Bigland's incentive pay was subject to a board committee determination and his "eligibility for his award remains subject to that determination and completion of a board-level evaluation of issues that are the subject to governmental investigations". Representatives for the Japanese manufacturer were planning to abstain from the merger vote, according to the Wall Street Journal.

A French official said that all of its demands were met - on valuation, governance, protecting jobs and industrial sites - but France needed five more days to convince Nissan to support the deal.

Renault's board announced Tuesday that an internal audit of the alliance subsidiary RNBV found "deficiencies.in terms of financial transparency and procedures for monitoring expenditure" and recommended a joint legal action with Nissan as a result.

Visitors walk around a gallery of the Nissan Motor Co.at its global headquarters in Yokohama, near Tokyo, on February 9, 2017.

The failure of the deal is also likely to stoke political tensions between France and Italy.

News of the plan's failure mainly hurt Renault's shares, which tumbled 7% to 52.45 euros.

But Fiat walked away to look for another option as they had been urging Renault to do a quick deal.

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