BRUSSELS/MILAN - Fiat Chrysler and PSA are set to win EU approval for their $38 billion merger to create the world’s No.4 carmaker, people close to the matter said, as they strive to meet the industry’s dual challenges of funding cleaner vehicles and the global pandemic.
The all-share merger announced late last year would unite brands such as Fiat, Jeep, Dodge, Ram and Maserati with the likes of Peugeot, Opel and DS - while targeting annual cost cuts of 5 billion euros without closing factories. PSA and FCA shares reversed losses after the Reuters story was published. PSA stock was last up 3.4% at 17.06 euros, while FCA shares were 3% higher at 11.43 euros.
The companies did not have to use the COVID-19 pandemic to argue for the merger, they said, adding the EU decision could come by the end of the year, ahead of the official Feb. 2 deadline.The challenge of switching to electric cars has been complicated by the COVID-19 pandemic.
I love both companies to bits, but this name is a disaster.
I want to see Peugeot luxury sedans in Canada. I would buy one.
Merge Merge Merge
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