Renault has cancelled its Ampere IPO because of poor current equity market conditions, in a blow to the carmaker's turnaround plan.

"Renault Group considers that the current equity market conditions are not met to optimally pursue the IPO process in the best interests of Renault Group, its shareholders and Ampere," the French automaker said in a statement. The proposed IPO, which involved spinning out Renault's electric vehicle and software arm, was one of the most hotly-anticipated in European markets. Renault's chief executive Luca de Meo suggested the division could command a €10bn valuation in September.

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