The surprise move came on a tumultuous day that saw a tentative agreement on merger terms between FCA and the French Government fall apart. The Groupe Renault board met for six hours outside of Paris to consider the merger, only to postpone a decision at the request of the government, which owns 15% of the company.
A source close to the French carmaker’s board said Fiat Chrysler made the move after France sought to delay a decision on the deal in order to win the support of Nissan Motor, Renault’s Japanese alliance partner. French government officials had pushed for Nissan to support the merger. Nissan had said it would abstain.
The French government, which owns a 15% stake in Renault, had also pushed Fiat Chrysler for guarantees that France would not lose jobs, and for a dividend to be paid to Renault shareholders, including the government, people familiar with the talks said. Fiat Chrysler’s original proposal offered no special dividend to Renault shareholders.
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