French Government Says It Didn't Veto Merger

Finance Minister Bruno le Maire said a deal between Renault and Fiat Chrysler "remains an interesting opportunity."

French Finance Minister Bruno Le Maire arrives for a meeting of Eurogroup Finance Ministers at the European Council headquarters in Brussels, Thursday, May 16, 2019.
French Finance Minister Bruno Le Maire arrives for a meeting of Eurogroup Finance Ministers at the European Council headquarters in Brussels, Thursday, May 16, 2019.
AP Photo/Francisco Seco

France's finance minister says the government didn't oppose a merger deal between carmaker Renault and Italian-American rival Fiat Chrysler.

Speaking on FranceInfo news broadcaster, Bruno le Maire said the government's key priority is to strengthen the alliance of Renault with its longtime Japanese partner Nissan.

He said a merger with Fiat Chrysler "remains an interesting opportunity."

He added: "We have never vetoed it. We simply asked five additional days to study the operation." He noted that Nissan was hesitant about it.

Fiat Chrysler had proposed a 50-50 merger that would have created the world's third-largest carmaker worth almost $40 billion. Earlier this month, the group pulled the proposal, citing political conditions in France.

The French state is Renault's biggest shareholder with a 15% stake.

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