Even though the deal appeared to be finished, negotiations may not have ceased completely. FCA cited “political conditions in France’’ when it withdrew its offer, saying the French government would have to reduce its 15% stake in Renault after Fiat committed to French jobs and factories. While this has been going on, Renault’s relationship with Nissan has been seriously thrown into question. Renault has made it clear, repairing its relationship with Nissan takes precedence over any merger talks with FCA and the two sides are reportedly in talks to strengthen their alliance.
“The project remains, in my head, absolutely remarkable and exceptional,” Renault Chairman Jean-Dominique Senard said to shareholders. Senard also said he remains “firmly convinced of the compelling, transformational rationale’’ of the merger proposal.