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Fiat withdraws Renault merger offer

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Fiat Chrysler withdrew an offer to merge with France's Renault.

The deal would have created a combined company with a market value of $39 billion. It would have been the world's third-largest automaker.

“It has become clear that the political conditions in France do not currently exist for such a combination to proceed successfully,” Fiat officials said in a statement.

Read more from Bloomberg.

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