European Union gives green light for Fiat Chrysler-Groupe PSA merger

This combination of pictures shows the logos of Fiat Chrysler Automobiles and Groupe PSA. – AFPPIXThe European Union on Monday gave conditional approval to the mega merger of car giants Fiat Chrysler and Groupe PSA, after the firms promised to address competition fears.

The European Commission said the decision to approve the deal came after it had carried out an"in-depth investigation" over concerns it might stifle competition. To assuage those concerns, the commission said PSA would continue an agreement with Toyota to manufacture vans to be sold under the Japanese brand in Europe.

"In the other markets where the two automotive manufacturers are currently active, competition will remain vibrant after the merger." The tie-up is seen as crucial for the two groups in light of heavy investments that must be made in electric cars as the global car market undergoes a major shift.

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