Renault CEO Says There’s ‘Nothing’ Happening at Moment With Fiat

(Bloomberg) -- Renault SA Chief Executive Officer Thierry Bollore said there’s currently nothing happening between the French carmaker and Fiat Chrysler Automobiles NV, two weeks after the collapse of merger talks aimed at creating the world’s third-largest automaker.

“For sure, regrets in this type of situation are quite normal,” Bollore said in New Delhi, addressing reporters during the launch of the Triber car in India, where the company aims to double sales by 2022. “At the moment, there is nothing. The offer has been withdrawn.”

The 56-year-old executive, who took the top job in January after the arrest of Carlos Ghosn, declined to discuss a recent rift with partner Nissan Motor Co. over board representation, but said reducing Renault’s 43% stake in Nissan is “not at all” on the agenda. The two-decade partnership between the companies has become increasingly fraught since the November arrest of Ghosn, who oversaw both companies and their alliance.

The merger discussions with Fiat ended abruptly after the French government, Renault’s most powerful shareholder, sought a delay to gain the explicit assent of Nissan. Fiat blamed “political conditions in France’’ when it withdrew its proposal, and a signal from the French state that it would give up its sway over Renault would be necessary for a resumption of talks, people with knowledge of the situation have said.

For Renault and the state, repairing the relationship with Nissan will take priority over a Fiat deal, officials have said. France in particular views securing the Japanese carmaker’s explicit backing as crucial for the success of a Fiat-Renault combination.

Despite the finger-pointing that followed the failed talks, Renault, Fiat and France have left the door ajar for a possible deal as they brace for the costly changes sweeping the industry, such as developing electric and autonomous vehicles.

“What will be the future, I don’t know,” Bollore said in reference to Fiat.

--With assistance from Ania Nussbaum, Tommaso Ebhardt and Daniele Lepido.

To contact the reporter on this story: Anurag Kotoky in New Delhi at akotoky@bloomberg.net

To contact the editors responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net, Frank Connelly, John Bowker

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