Fiat Chrysler steps back from $35b merger offer for Renault

Fiat Chrysler said on Wednesday it was withdrawing its $35 billion merger offer for Renault. A source close to the French carmaker's board said FCA took the decision after France sought to delay a decision on the deal.

Renault directors failed to reach a verdict on FCA's May 27 merger proposal at a board meeting that ran late into Wednesday night, the company said. The board was "unable to take a decision due to the request expressed by the representatives of the French state to postpone the vote to a later meeting", Renault said in a statement.