Fiat-Peugeot deal wins conditional antitrust approval from European Union1 min read . Updated: 21 Dec 2020, 05:22 PM IST
Fiat and PSA Group's merger is all set to become the world's fourth largest car maker.
- The combined company has been named Stellantis.
Fiat Chrysler Automobiles NV and PSA Group won European Union approval to merge their operations, overcoming the biggest hurdle in their year-long quest to become the world’s fourth largest carmaker.
The European Commission said the company’s pledge to make cars at French and Spanish plants for Toyota Motor Corp.
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and open up its repair network to rivals eliminated concerns about the combined firm’s growing power over small vans crucial to deliveries.
“Access to a competitive market for small commercial vans is important for many self-employed and small and medium companies throughout Europe," EU Competition Commissioner Margrethe Vestager said in an emailed statement on Monday. “Their commitments will facilitate entry and expansion in the market for small commercial vans."
EU approval comes more than 12 months after the companies unveiled their agreement to combine in a deal aimed at turning two mid-sized auto manufacturers into a global heavyweight. It also paves the way for shareholders to vote on the plan at separate meetings scheduled for Jan. 4. They will be asked to approve the creation of the combined company called Stellantis.
This story has been published from a wire agency feed without modifications to the text.