Fiat Chrysler Automobiles NV and PSA Group are pressing to complete their merger ahead of schedule as disruptions to the auto industry add urgency to their efforts to realize synergies from joining forces.
The two companies that would form the world's fourth-largest carmaker are aiming to seal the deal by the end of January, according to people familiar with the matter.
PSA Group shareholders approved the automaker's merger with Fiat Chrysler Automobiles on Monday, Reuters reported. Fiat Chrysler shareholders are expected to approve the merger during a virtual meeting later on Monday.
European antitrust approval is expected by the end of the year.
Fiat Chrysler and PSA are eager to sew up the merger and get on with the work of squeezing the roughly $6.1 billion of annual savings from cooperating as one company called Stellantis, they said. Tesla Inc. has emerged as far and away the world's most valuable automaker this year by reaching high volumes of electric vehicle sales faster than incumbents that were hit hard by the pandemic.
Representatives of PSA and FCA confirmed the target to complete the combination in the first quarter of next year.
The carmakers, which have a combined market value of about $52 billion, said in a regulatory filing last month that their Dutch-domiciled parent company will be listed on Paris's Euronext, Milan's Borsa Italiana and the New York Stock Exchange.
Stellantis will announce its full management structure as soon as next month, with Fiat Chrysler CEO Mike Manley expected to stay in an important role, sources said. PSA's Carlos Tavares already has been designated CEO of the combined entity.
— With assistance from Aoife White.
"complete" - Google News
January 04, 2021 at 07:43PM
https://ift.tt/3pLbRCn
Fiat Chrysler, PSA push to complete merger by end of January - Crain's Detroit Business
"complete" - Google News
https://ift.tt/2Fvz4Dj
https://ift.tt/2YsogAP
Bagikan Berita Ini
0 Response to "Fiat Chrysler, PSA push to complete merger by end of January - Crain's Detroit Business"
Post a Comment