Fiat Chrysler and Peugeot maker PSA have won a green light from Brazil's competition watchdog for their planned US$38 billion merger, the regulator said.
FILE PHOTO: The logos of car manufacturers Fiat and Peugeot are seen in front of dealerships of the companies in Saint-Nazaire, France, November 8, 2019. REUTERS/Stephane Mahe/File PhotoMILAN: Fiat Chrysler and Peugeot maker PSA have won a green light from Brazil's competition watchdog for their planned US$38 billion merger, the regulator said.
Brazil's CADE said in a document on its website that it had approved the operation without restrictions.In confirming the ruling, FCA and PSA said it was now expected to become final within 15 days under Brazilian law. The two companies are set to win European Union's approval for their merger, people close to the matter said last month, removing a major potential hurdle towards the closing of the deal and the creation of Stellantis, the world's fourth largest carmaker.The tie-up plan has already been cleared by several antitrust authorities around the world, including in the United States, China, Japan and Russia.