MILAN (Reuters) – The merger proposal made by Fiat Chrysler (FCA) (FCHA.MI) to Renault (RENA.PA) in May was an “act of courage” but the Italian-American carmaker felt the conditions were not right to go ahead, FCA Chairman John Elkann told La Stampa newspaper.

Last month, FCA pulled the plug on its proposed merger with Renault, saying negotiations had become “unreasonable” due to political resistance in Paris.

“Mergers are difficult to make and to manage. There must be the right conditions to go ahead and it’s important to say no when they are not,” Elkann said in the interview to be published in La Stampa on Thursday. The interview comments were circulated to media by FCA ahead of publication.

“FCA is ready to face the challenges of the new era”, he added.