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Fiat-Peugeot deal rejig removes car merger angst

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Fiat-Peugeot deal rejig removes car merger angst LJucca

Fiat Chrysler Automobiles and Peugeot maker PSA, which are set to merge into Stellantis, said on Sept. 14 that FCA would cut to 2.9 billion euros the cash portion of a 5.5 billion euro special dividend its shareholders are set to receive under the terms of an accord signed last year.

PSA will also postpone until after the merger's closing a planned spinoff of its 46% stake in parts maker Faurecia, worth about 5.4 billion euros in market capitalisation, and distribute the stake to all shareholders of the new group. The two carmakers hiked annual estimated synergies from their merger to over 5 billion euros from an initial estimate of 3.7 billion euros.

The boards of both groups will also consider a potential distribution of 500 million euros to the shareholders of each company before closing or, alternatively, a distribution of 1 billion euros to Stellantis shareholders post-merger. As of 0740 GMT on Sept. 15, Peugeot shares were trading at 16 euros, down 1.3%. FCA shares were trading at 10.5 euros, up 5.6%.

 

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