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The antitrust authorities of the European Union have given permission for the merger of the automotive companies Fiat Chrysler and Grupo PSA (Peugeot Societe Anonyme). Reuters agency writes about it.
The deal is estimated at $ 38 billion. As a result of the merger, the world’s fourth-largest auto company will be formed, the agency said.
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The combined company will be called Stellantis and will own the Fiat, Jeep, Dodge, Ram, Maserati, Peugeot, Opel and DS car brands.
The merger will be completed in the first quarter of 2021.
The approval of the agreement was made possible after the PSA Group, at the request of the European Commission, agreed to extend its agreement with Toyota Motors for the production of minivans and reduce the prices of the components in this joint project.
Fiat Chrysler is controlled by the Italian Agnelli family, the PSA group is controlled by the French Peugeot family, the French government and the Chinese Dongfeng.
- In May 2019, Fiat Chrysler negotiated a possible merger with Renault. So one of the likely outcomes was the joining of Fiat Chrysler to the alliance of Renault, Nissan Motor and Mitsubishi Motors, which would make it the world leader in car production. However, the deal fell through.
- On December 18, 2019, automakers Fiat Chrysler and the French group PSA signed a merger agreement.
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