investing.com 04 Jan, 2021 17:15 am

Fiat Chrysler, Peugeot get green light for $52 billion carmaker By Reuters

Fiat Chrysler, Peugeot get green light for $52 billion carmaker

FILE PHOTO: The logos of car manufacturers Fiat and Peugeot are seen in front of dealerships of the companies in Saint-Nazaire p By Giulio Piovaccari and Gilles Guillaume PARIS/MILAN (Reuters) - Fiat Chrysler (FCA) and PSA said on Monday that investors had given their blessing to a $52 billion merger to create the world's fourth largest automaker, and shares in the new company, named Stellantis, would start trading in two weeks.FCA and PSA said they expected to complete their tie-up on Jan.PSA and FCA have pledged not to close any plants.And FCA CEO Mike Manley - who will head Stellantis' key north American operations - said 40% of the expected synergies form the merger - projected at more than 5 billion euros, will come from convergence of platforms and powertrains and from optimising R&D investments.

Stellantis shares will start trading in Milan and Paris on Jan.The remainder of the synergies are expected from the optimization of other functions including logistics, supply chain, quality and after-market operations, he added.

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