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Fiat Chrysler abandons its Renault merger

A last-minute request by the French government for a delay in negotiations prompted Fiat to walk away from efforts to create a new global auto giant.

Renault’s board met last night with the aim of holding a final vote on Fiat’s proposal. But the French government, Renault’s biggest shareholder, asked that such a vote be delayed up to a week.

French officials wanted more concessions, according to unnamed people involved in the talks, including commitments on jobs. But John Elkann, the chairman of Fiat, didn’t want the combined company to be seen as politically influenced — and that seemed increasingly difficult.

The French government “pulled the elastic until it broke,” an unnamed person close to Renault told the FT.