After the plebiscite of PSA, the green light also arrives from the FCA assembly, to carry on the merger between the two automotive groups by the end of the first quarter of 2021, despite the crux of the investigation opened by the European Antitrust. The transaction will create the fourth largest global automaker by volume and will be able to generate annual cost synergies of $3,7 billion. The shareholders, summoned to the meeting in Amsterdam, voted in favour, as was largely expected.
“Despite the enormous challenges that have emerged due to the Covid-2019 emergency – FCA president John Elkann said during his speech -, I can confirm that the work done by our teams to complete the merger has continued apace. sustained and we expect to achieve the goal of becoming a single company by the first quarter of next year. We were ready to manage decisions and initiatives with boldness and creativity to build a solid and promising future. The agreement with PSA was the culmination of a year of intense activity aimed at turning words into deeds. Are also particularly happy that this merger marks the union with Peugeot, also a family that boasts more than a century of commitment and extraordinary successes in this sector”, added Elkann.
“The first half of 2020 reminded us – added the manager of the Agnelli house -, even if FCA is probably the last company to need such a reminder, which we never know what the future holds. But what we can do is make sure we are as strong as possible in every area of the business, so that we are ready at any moment to face the challenges that await us”.
The merger project with PSA was also addressed by the group's managing director, Mike Manley, who underlined how the synergies will derive "mainly from the sharing of vehicle platforms, engines, technologies and greater purchasing power" which the two companies will be able to operate together. Manley also tackled the question of the Antitrust investigation opened in recent days by the EU Commission, which said it feared an excessive concentration in light commercial vehicles, such as vans and vans: "This review should not delay the completion of our calendar and both companies will continue to engage with the European Commission with the same constructive spirit that has defined our proposal since the beginning. Preparations for the merger are progressing well and on schedule."
