FILE PHOTO: The logos of car manufacturers Fiat and Peugeot are seen in front of dealerships of the companies in Saint-Nazaire, France, November 8, 2019. REUTERS/Stephane Mahe
October 26, 2020
BRUSSELS/MILAN (Reuters) – EU antitrust regulators are set to clear the merger of Fiat Chrysler (FCA) <FCHA.MI> and France’s PSA <PEUP.PA> to create the world’s fourth-largest carmaker, people familiar with the matter said, after they pledged to reinforce Japanese rival Toyota <7203.T>.
The all-share merger agreement announced late last year would create a company worth about $38 billion and 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 ($5.93 billion) without closing factories.
(Reporting by Foo Yun Chee in Brussels and Giulio Piovaccari in Milan, additional reporting by Gilles Guillaume in Paris, writing by Nick Carey; editing by Jason Neely)