Fiat Chrysler and PSA merge deal approved by June 17

Fiat Chrysler and PSA merge deal approved by June 17

May 12, 2020 0 By autotimesnews

EU antitrust authorities will decide before June 17 whether to approve the $ 50 billion merger between Fiat Chrysler Automobiles and the PSA Group, the European Commission said on Monday.

Last year, companies announced an agreement to create the fourth largest car concern in the world, combining the brands of the Italian company Fiat, Jeep, Dodge, Ram, Maserati and the French companies Peugeot, Citroen, Opel, Vauxhall and DS.

EU law enforcement agencies can approve a deal with or without conditions, or start a full investigation about four months after the preliminary review, if they have serious concerns.

The deal came amid falling auto sales around the world as companies closed production lines and showrooms to stave off the outbreak of coronavirus, although some companies reopened factories as countries loosen locks.