Fiat Chrysler Automobiles withdrew its offer to merge with French automaker Renault on Wednesday, the Wall Street Journal reported.
The two automakers made public their talks to merge in May after months of negotiations. Renault’s board of directors met in Paris on Tuesday and Wednesday to discuss the 50/50 merger, although talks reportedly stalled.
It’s unclear what made FCA withdraw its offer to merge with Renault, which would have created the world’s third-largest automaker by volume. Neither automaker confirmed the dissolution of the deal at the time this story was published.
This story is developing and will be updated.