Fiat SpA and General Motors Corp. have failed to reach an agreement after completing an extensive mediation process to discuss the validity of an option in their joint venture agreement that could force GM to buy Fiat’s money-losing automotive operations. In a prepared statement, Fiat says no agreement has been reached between the two auto makers, clearing the way for Fiat to enact the “put option,” forcing GM to acquire the 90% of the ailing Italian auto maker it doesn’t already own some ...

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