Jun 5, 2019

Renault-Fiat deal falls apart

Photo: SOPA Images/Contributor/Getty Images

Fiat Chrysler confirmed that it withdrew its 50-50 merger offer with Renault late on Wednesday, after the French automaker's board failed to agree on the proposal in their second day of negotiations.

Details: Two Nissan Motor Co. representatives on Renault’s board refused to throw their support behind the deal, raising concerns about Nissan's commitment to maintaining the decades-long alliance should the $40 billion merger move forward. The French government asked for a delay on the merger vote, resulting in Fiat pulling out of the deal, sources said.

  • Nissan had previously resisted Renault's push for a full merger between the French and Japanese partners, opening the door for FCA to move in.

Why it matters: "The negotiations represented a test of the European auto industry’s ability to overcome national economic rivalries and establish a European champion, akin to Airbus SE in aviation," per the Wall Street Journal.

Our thought bubble, per Axios' Felix Salmon: The Japanese government is being as aggressive with FCA and Renault as it had previously been with Carlos Ghosn, Nissan's former chairman. And the French — along with FCA — decided they didn’t have the appetite for a fight.

Go deeper: Between the lines on Fiat Chrysler's proposed merger with Renault

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Updated 49 mins ago - Politics & Policy

U.S. enters 6th day of nationwide protests over George Floyd's killing

A protest in Philadelphia on May 31. Photo: Mark Makela/Getty Images

The D.C. National Guard is being called to assist police with protests, per AP, as protests continue past the city's 11 p.m. curfew.

What's happening: Police fired tear gas into a crowd of over 1,000 people in Washington, D.C.'s Lafayette Square across from the White House one hour before Sunday's 11 p.m. curfew, AP reports. Earlier in the night, protestors held a stand off in Lafayette Square, after previously breaking through a White House police barricade. A fire in the basement of the city's historic St. Johns Church was extinguished.

Updated 4 hours ago - Politics & Policy

Journalists get caught in the crosshairs as protests unfold

A man waves a Black Lives Matter flag atop the CNN logo outside the CNN Center during a protest in response to the police killing of George Floyd, Atlanta, Georgia, May 29. Photo: Elijah Nouvelage/Getty Images

Dozens of journalists across the country tweeted videos Saturday night of themselves and their crews getting arrested, being shot at by police with rubber bullets, targeted with tear gas by authorities or assaulted by protesters.

Driving the news: The violence got so bad over the weekend that on Sunday the Cleveland police said the media was not allowed downtown unless "they are inside their place of business" — drawing ire from news outlets around the country, who argued that such access is a critical part of adequately covering protests.

Updated 4 hours ago - Politics & Policy

Tanker truck plows into Minneapolis protesters

The tanker after plowing into protesters on the shut-down bridge in Minneapolis on Sunday evening. Authorities said it appeared protesters escaped injury. Photo: Jeff Wheeler/Star Tribune via Getty Images

Minnesota authorities said in a statement they're investigating as a criminal matter what happened with a truck that "drove into demonstrators" on a Minneapolis bridge Sunday evening while the eight-lane road was closed for a protest.

What they're saying: Minnesota Department of Public Safety tweeted, "Very disturbing actions by a truck driver on I-35W, inciting a crowd of peaceful demonstrators. The truck driver was injured & taken to a hospital with non-life threatening injuries. He is under arrest. It doesn't appear any protesters were hit by the truck."