Carmakers FCA and PSA confirm progress toward full merger

The merger of the Italian-American car company with its French rival, agreed last year, is aimed at creating a carmaker with the scale to confront the challenges of stricter emissions regulations and the transition to new driving technologies. The new company will be called Stellantis.

The boards of the two companies signed cross-border terms of the deal that will allow Groupe PSA to sell a small stake in the French automotive supplier Faurecia, in a bid to facilitate regulatory approval,The completion date for the merger is in line with the original time frame, despite the impact of the coronavirus pandemic. The new company will have the capacity to produce 8.7 million cars a year, just behind Volkswagen, the Renault-Nissan alliance and Toyota.

Peugeot and Fiat - 2 brands that had short lives in North America - now auto curiosities here ... perhaps adding Citroen to the corporate mix is next ? ;-)

I feel like we've spent my life busting up 'monopolies' just to come back full circle to a few companies owning everything. Lots of progress in 30 years.

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Major Layoffs Headed For Calgary After Cenovus, Husky MergerThe largest Canadian energy industry merger in years will result in more than 2,000 job cuts. Better give the industry another 500 million in tax payer dollars maybe that will help.
Source: HuffPostCanada - 🏆 61. / 53 Read more »

'Already struggling' Calgary downtown core will be hit hard by job cuts from Cenovus-Husky merger\u0027If this isn’t the wakeup call in the sense of the oil and gas industry is not going to save Calgary, then I don’t know what is\u0027 Just imagine if this was happening in Montreal. nenshi liberal mayor who strokes Trudeau’s hair as well as his anti/resource policies.... It’s astounding how fast the quality of life changed in Alberta.
Source: nationalpost - 🏆 10. / 80 Read more »

'Already struggling' Calgary downtown core will be hit hard by job cuts from Cenovus-Husky merger\u0027If this isn’t the wakeup call in the sense of the oil and gas industry is not going to save Calgary, then I don’t know what is\u0027 And to think when oil was $150 back in 2008, Albertans were bragging to the rest of Canada that they were going to pave their driveways with gold. Look at you losers now. 😂😂😂
Source: nationalpost - 🏆 10. / 80 Read more »