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The news is appearing on merger between FCA and PSA.
The initial agreement it was in fact modified and with it some important economic aspects of the agreement.
All with the aim of addressing the consequences of coronavirus, keeping intact the values and balances enshrined in the Combination Agreement. However, the news attracted the attention of the entire market, which was immediately hijacked by the merger.
FCA-PSA merger, news: how has the agreement changed?
Among the most interesting changes, how can we not include those related to dividend.
In the first merger agreement between FCA and PSA, the distribution of a special coupon to Fiat Chrysler shareholders equal to € 5.5 billion. A figure that will now be reduced to 2.9 billion.
Furthermore, with the new agreement the 46% share held by PSA in the component group Faurecia It will be distributed to all Stellantis shareholders upon closing of the transaction.
As a result of these changes, the shareholders of both groups will have a 23% stake in Faurecia and a 50% stake in Stellantis (unchanged).
In the new FCA-PSA merger agreement, the possibility of evaluating the potential distribution (to the shareholders of both companies) of 500 million before closing. Or, alternatively, the 1 billion distribution after closing to all Stellantis shareholders.
the Estimated annual synergies under the schemeAccording to the press release that formalized the news, it will increase to more than 5,000 million euros, while on the temporal front it has been confirmed as the deadline for the completion of the operation. 1st quarter 2021.
“With this new decisive step, we approach our overall goal in the best possible conditions with even better prospects for Stellantis.”
commented Carlos Tavares, Chairman of the Board of Directors of PSA, whose statements echoed those of Mike manley, Executive Director of FCA:
“Today’s announcement is a stronger signal of our shared determination to ensure that Stellantis has all the resources it needs to engage its unique assets, creative energies, and many opportunities to create superior value for all of our stakeholders.”
Therefore, the merger between FCA and PSA will proceed as planned, with only some news that the coronavirus makes necessary.
