Failure of FCA-Renault merger talks a blow to Goldman Sachs’s alumni network: sources

Helping Renault was New York-based Ardea Partners, a boutique advisory firm launched in 2016 by Chris Cole who had spent 30 years at Goldman Sachs including co-chairing the investment banking business.“This deal was cooked up among friends who have known each other for years,” said a source involved in the talks. “But despite their relationship and banking experience, it all fell apart.”

London-based d’Angelin, launched by French banker Benoit d’Angelin in 2017, was brought in by FCA to help market the 33 billion euro deal to the French government given his founder’s close ties with French President Emmanuel Macron. The Goldman network had been expected to secure the backing of Macron’s government before the deal became public, several sources said, adding Goldman deployed staff from its New York, Paris and London offices in a bid to win France’s blessing.

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