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PSA seeks to shift Fiat Chrysler merger into high gear

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PSA Group and Fiat Chrysler Automobiles need the merger in view of the heavy investments that must be made in electric cars.

the financial terms of the merger, according to sources working on the transaction.

But PSA chief executive Carlos Tavares said the groups working on the merger at both automakers are speeding things up, according to comments made at the meeting last week of the committee coordinating the merger."Working groups are maintaining or even accelerating the rhythm on the project during this crisis to achieve the closing" of the deal, Tavares said according to a statement sent to AFP.

The merger plans include each paying a dividend of 1.1 billion euros to their respective shareholders for 2019. However the French government has put pressure on companies, especially those that tap government crisis aid,"The dividends are part of the project, and the payment of dividends hasn't been called into question," a PSA spokesman told AFP."I haven't seen any signs we're going to reopen the terms of the agreement," he added.That is because while FCA was also expected to pay an extraordinary dividend of 5.

But Faurecia's share price has now fallen, meaning the deal is even less advantageous to PSA shareholders.

 

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