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Fiat Chrysler, Peugeot seek to boost cash before merger

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MILAN: With their sales hammered by the coronavirus outbreak, car makers Fiat Chrysler and Peugeot's owner PSA have postponed their shareholder ...

MILAN: With their sales hammered by the coronavirus outbreak, car makers Fiat Chrysler and Peugeot's owner PSA have postponed their shareholder meetings and are looking at ways to boost cash reserves ahead of their planned merger.

The emergency decree says companies looking to apply for Italy-backed loans must refrain from approving dividend payments for a year. Equita analyst Martino De Ambroggi echoed that the most likely scenario was"the cancellation or at least the postponement of the ordinary dividend for both FCA and PSA."

In December, they clinched a binding agreement to create the world's fourth-largest carmaker, with shareholders of each group holding 50 per cent in the new entity.

 

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