Merger with Fiat Chrysler on track, says Peugeot CEO

Groupe PSA boss Carlos Tavares has said he is confident that the deal between the French carmaker and Fiat Chrysler would be finalised during the first quarter 2021.
By : Reuters
| Updated on: 25 Jun 2020, 04:35 PM
File photo: Fiat and PSA had declined to offer concessions to allay the EU competition enforcer's concerns.
File photo: Fiat and PSA had declined to offer concessions to allay the EU competition enforcer's concerns.
File photo: Fiat and PSA had declined to offer concessions to allay the EU competition enforcer's concerns.
File photo: Fiat and PSA had declined to offer concessions to allay the EU competition enforcer's concerns.

Peugeot maker PSA's boss Carlos Tavares said on Thursday he was confident the merger of the French carmaker and Fiat Chrysler (FCA) would go ahead as planned and yield synergies of at least 3.7 billion euros ($4.2 billion).

"The timetable of the merger with FCA is being strictly respected," Tavares told PSA's annual shareholders meeting.

He added he was confident the deal would be finalised during the first quarter 2021 "at the latest".

Trending Cars

Find More Cars

Commenting on expected synergies from the deal, he said 3.7 billion euros was a "floor".

Last week, European Union antitrust regulators opened a four-month investigation into the proposed $50 billion merger, saying it may harm competition in small vans in 14 EU countries and Britain.

FOLLOW US:Stay Updated with latest content - Subscribe us on
FOLLOW US:Stay Updated with latest content - Subscribe us on

The two carmakers had declined to offer concessions to allay the EU competition enforcer's concerns during its preliminary review of the deal.

The deal has already received the green light in the United States, China, Japan and Russia.

First Published Date: 25 Jun 2020, 04:35 PM IST
TAGS: PSA Fiat Peugeot
Recommended For You
View All
NEXT ARTICLE BEGINS

Please provide your details to get Personalized Offers on

Choose city
+91 | Choose city
Choose city
Choose city
By clicking VIEW OFFERS you Agree to our Terms and Privacy Policy

Dear Name

Please verify your mobile number.

+91 | Choose city