It's said that Peugeot's board met yesterday to approve the deal, FCA's board met today, and an announcement could come as soon as tomorrow, Thursday. Expect the 61-year-old to focus on bringing some consistency to the sales performance of Fiat's diverse portfolio using shared research and development that have been rolled out at PSA in recent years.
PSA's chief executive Carlos Tavares will keep his post in the new group, with Fiat Chrysler's boss John Elkann stepping in as chairman. That includes Chrysler and Dodge, Alfa Romeo and Fiat, Jeep and RAM, Maserati, and the Mopar and SRT tuning brands from the FCA side.
According to reports, the two companies began entertaining the idea of joining forces earlier this week, before publicly acknowledging the talks yesterday. It's worth noting that, a few months ago, Renault and FCA had tried to get into a merger, but ultimately dropped at the eleventh hour.
"The significant value accretion resulting from the transaction is estimated to be approximately 3.7 billion euros in annual run-rate synergies derived principally from a more efficient allocation of resources for large-scale investments in vehicle platforms, powertrain and technology and from the enhanced purchasing capability inherent in the combined group's new scale", it said.
Based on full-year 2018 production numbers, the combined company would produce around 8.72 million cars per year, putting it just ahead of United States-based General Motors as the third-largest automaker by volume.
Before shaking hands with Groupe PSA, FCA nearly inked a deal a few months ago with Renault to work on a 50:50 merger, but the plan ultimately fell through due to rather unclear "political conditions".
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Analysts tell 7 Action News Reporter Jim Kiertzner this will be good for Fiat Chrysler in Europe and other foreign auto markets.
Le Maire also wants the new group to help create a European electric battery industry, something the French government has pushed for to ensure that European carmakers can reduce their dependence on US and Asian battery technology.
Mike Manley, FCA chief executive, said, "I'm delighted by the opportunity to work with Carlos and his team on this potentially industry-changing combination".
Fiat Chrysler Automobiles and France's PSA Group on Thursday announced plans for a merger. It seems that the French government favors this deal over the one made with Renault. It demonstrated that turnaround with the recent acquisition of Opel-Vauxhall, long the money-losing subsidiary of GM.
Cassidy says the minivan plant is set up to build multiple vehicles and hopes to gain a new product to protect jobs. The parent company would be based in the Netherlands, as is now the case with Fiat Chrysler.
The Dutch parent company would be listed on the Paris, Milan and New York Stock Exchanges and maintain presence in current head offices in France, Italy and USA. In addition, Peugeot will distribute to its shareholders its 46% stake in auto-part maker Faurecia.