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How politics killed the Fiat-Renault deal

The proposed merger of Fiat Chrysler and Renault fell apart amid efforts by the French government to protect jobs and win over the backing of Japan, and Fiat’s suspicion that Parisian politics would weigh heavily on its future.

French officials tried to micromanage the deal talks. They insisted on job guarantees, a board seat and veto power over future C.E.O.s of the combined company, the NYT reports. Fiat executives thought France would probably never stop trying to exert control.

But French officials also worried about bringing Japan on board, because Nissan — which is Renault’s existing partner — would provide crucial technology for the combined companies. Getting Tokyo’s approval required time, and France’s finance minister, Bruno Le Maire, had planned to fly out for talks this week.

Renault’s board met on Wednesday with divided expectations. Fiat thought the carmaker’s directors were set to approve the merger. But Mr. Le Maire told his representative on the board that he wanted a five-day delay to court the Japanese, the WSJ reported.