MWL Secretary General stressed the need for unrestricted delivery of humanitarian aid to the Palestinians by opening all crossings
world8 hours ago
Italian-American carmaker Fiat Chrysler on Thursday withdrew its blockbuster proposal to merge with Renault, blaming political objections in Paris and sparking a war of words with French officials.
Fiat Chrysler (FCA) had stunned the markets last week by proposing a "merger of equals" with the French group that would create an auto giant spanning the globe.
The plan was welcomed by analysts as one of the few deals in the auto sector that might prove a success, given the companies' complementary range of vehicles and regional markets.
The French government, which controls 15 per cent of Renault, gave it a conditional green light but also warned against "haste".
In a statement issued after a board meeting on Wednesday evening, FCA said it "remains firmly convinced of the compelling, transformational rationale" of its proposal, which it said was "carefully balanced to deliver substantial benefits to all parties".
"However it has become clear that the political conditions in France do not currently exist for such a combination to proceed successfully," it added.
A source close to FCA blamed the "sudden and incomprehensible" objections of French Finance Minister Bruno Le Maire's ministry for causing the collapse of the deal. "New demands imposed by the French government have led to this damaging situation for all parties," the source told AFP.
Italian Deputy Prime Minister Luigi Di Maio said: "When politics tries to intervene in economic procedures, they don't always behave correctly, I don't want to say any more."
But Le Maire stressed that of his conditions for the FCA alliance, only the explicit approval of Nissan remained to be secured, while aides denied that the ministry had played politics with the deal.
A source close to the finance ministry said the French government "regrets the hasty decision of FCA".
"From the beginning, the [French] state has wanted the necessary time to examine" the deal, the source said.
MWL Secretary General stressed the need for unrestricted delivery of humanitarian aid to the Palestinians by opening all crossings
world8 hours ago
In the initial phase, the organisation will process 600 applications from individuals who meet the required conditions
visa and immigration in uae9 hours ago
Israeli forces carried out similar strikes in some other parts of the Hamas-run territory overnight, killing at least 10 people
mena9 hours ago
The suspect was believed to be the key figure behind the January 28 attack
mena10 hours ago
The total number of captives exchanged between the two countries in these mediations to 1994 prisoners
world10 hours ago
Both CCI reports said that during investigations Amazon and Flipkart 'deliberately downplayed' allegations of exclusive launches
tech10 hours ago
The makers released the show's trailer on Instagram on Saturday, giving fans a sneak peek at what's to come
entertainment10 hours ago
With airfares soaring and long waits to secure visas, 'seacations' are now becoming all the rage among travel enthusiasts
uae12 hours ago