With a 15% stake in Renault and double voting rights at stake, Paris is probably Elkann's most important interlocutor in his bid to win support for the FCA-Renault combination. While calling the proposed merger "a good opportunity", French Finance Minister Bruno Le Maire was clear from the get-go that France wanted strong guarantees that domestic jobs would be protected as well as a seat at the enlarged corporate table.

Yet, under FCA's original proposal on May 27, Paris would lose its special voting rights. And there was no explicit mention of a Gallic representative on the board. Renault's partner Nissan, which also owns a 15% stake, was on the other hand offered a directorship, as well as the promise of 1 billion euros of additional synergies spilling over into its cost-sharing alliance with Renault from the transaction.

To get the deal through Renault's board meeting on Tuesday, FCA is cleverly offering a compromise. This, says Reuters, will likely take the form of a board seat for Paris, a promise that French jobs won't be lost for at least four years and the choice of the Paris area for its operational headquarters. Renault shareholders, who are already getting an implied 10pc premium from the offer, may even get a special dividend.

The concessions appear manageable in the face of the expected future benefits. President Emmanuel Macron needs to show his voters he has protected French interests. Elkann likely had these cards up his sleeve all along. Italy's nationalist government may protest, but without skin in the game can't do much to alter the terms of the deal. For FCA, a small bow to Gallic pride is a reasonable price to pay to retain its first-mover advantage in car industry consolidation.

- Fiat Chrysler, in negotiations to merge with French rival Renault, is considering making a handful of concessions to ensure approval of the $35 billion deal from the French state, which owns 15pc

of Renault, according to a June 2 Reuters report, citing sources close to the discussions.

- Among the changes Fiat may agree to are a special dividend payable to Renault shareholders prior to the merger, guarantees that French jobs won't be cut for four years rather than two and a commitment to headquarter the business in France. The French government, Renault's biggest shareholder, would also get one seat on the new company's board.