Fiat Chrysler and Peugeot owner PSA have reached a binding agreement over a $50 billion merger. The pair now start work on how to save over $4 billion dollars a year without closing any factories
) announced a preliminary deal six weeks ago for an all-share merger that would create a company worth about $50 billion and unite brands such as Fiat, Jeep, Dodge, Ram and Maserati with the likes of Peugeot, Opel and DS.
In the short term, the combined group will use profits from selling Ram pickup trucks and Jeep SUVs to U.S. drivers to fund the development of cleaner vehicles to sell in Europe and China. 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 MahePSA and FCA expect the deal to close in the next 12 to 15 months and said they would come up with a name over the coming months. In the meantime, they will have to win over regulators in the United States and Europe.
In a move that could help smooth U.S. approval, China’s Dongfeng Motor Group will trim its 12.2% stake in PSA by selling 30.7 million shares to the French firm. The merger brings together the Peugeot family, which built its first vehicle around 130 years ago and still holds a stake in PSA, and Fiat’s Agnelli clan, whose scion John Elkann will chair the combined group.
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