18/05/2024 6:44 PM


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EU regulators to decide on $50 billion Fiat Chrysler, Peugeot deal by June 17

FILE PHOTO: The logos of car manufacturers Fiat and Peugeot are seen in front of dealerships of the companies in Saint-Nazaire, France, November 8, 2019. REUTERS/Stephane Maher

BRUSSELS (Reuters) – EU antitrust regulators will decide by June 17 whether to clear Fiat Chrysler (FCHA.MI) and Peugeot maker PSA (PEUP.PA)’s $50 billion merger, according to a European Commission filing on Monday.

The companies announced the deal to create the world’s fourth biggest carmaker in December, putting under one roof the Italian company’s brands such as Fiat, Jeep, Dodge, Ram, Maserati and the French company’s Peugeot, Opel and DS.

Fiat and PSA sought EU approval on Friday, the Commission site showed.

EU competition enforcers can approve the deal with or without conditions or open a full-scale investigation of about four months following the end of the preliminary review should they have deep concerns.

The deal comes amidst falling car sales across the world as companies shut down production lines and showrooms to contain the coronavirus outbreak, although some companies are reopening plants as countries ease lockdowns.

Reporting by Foo Yun Chee, editing by Louise Heavens

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