Peugeot CEO confident Fiat Chrysler merger is on track

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PSA Chief Executive Carlos Tavares is confident a $50 billion merger of the maker of Peugeot vehicles with Fiat Chrysler (FCA) will proceed as planned and deliver synergies of at least 3.7 billion euros ($4.2 billion).

FILE PHOTO: Carlos Tavares, chief executive officer of PSA Group, speaks during the annual results news conference at their headquarters in Rueil-Malmaison, near Paris, France, February 26, 2020. REUTERS/Benoit Tessier

Global car sales have slumped as measures to contain the coronavirus pandemic forced production lines to shut and showrooms to close, with carmakers scrambling to conserve cash in the industry’s worst since the 2008-09 financial crisis. EU antitrust regulators last week began a four-month investigation into the deal, saying it may harm competition in small vans in 14 EU countries and Britain.

 

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