FILE PHOTO: FCA Chairman John Elkann is seen before an event at the Bocconi University in Milan, Italy May 27, 2019. REUTERS/Alessandro Garofalo

MILAN (Reuters) - Fiat Chrysler withdrew a proposal to merge with French rival Renault after it became clear discussions could go no further, but it remains “open to opportunities of all kinds”, its chairman wrote in a letter to staff.

“The decision to engage in these discussions with Groupe Renault‎ was the right one and one we took after much preparation on many fronts,” John Elkann wrote in the letter.

Elkann said the decision to end the talks aimed to protect the interests of the company, its employees and stakeholders once it had become clear that the discussions had been taken “as far as they can reasonably go.”

“FCA, under Mike Manley’s leadership, is an outstanding business ... with a clear strategy for a strong, independent future. We will continue to be open to opportunities of all kinds that offer the possibility to enhance and accelerate the delivery of that strategy and the creation of value,” he wrote.