Fiat Chrysler and PSA are set to win EU approval for their $38 billion mergers to create the world’s No.4 carmaker, people close to the matter said, as they strive to meet the industry’s dual challenges of funding cleaner vehicles and the global pandemic - Reuters reports.
According to Reuters, the all-share merger announced late last year would unite brands such as Fiat, Jeep, Dodge, Ram and Maserati with the likes of Peugeot, Opel, and DS - while targeting annual cost cuts of 5 billion euros ($6 billion) without closing factories.
The green light from the European Commission would formalize the creation of Stellantis, a carmaking group that could tap hefty profits from selling Ram pickup trucks and Jeep SUVs to U.S. drivers to fund the expensive development of zero-emission vehicles for sale in Europe and China - Reuters reports.
