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.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

European Union member states back bloc’s planned investment pact with ChinaBRUSSELS: European Union (EU) member states gave political backing to Brussels' planned investment pact with China on Monday, clearing the way for a d...
Source: theSundaily - 🏆 25. / 51 Read more »

European Union, China approve ‘in principle’ major major investment deal after seven years of painstaking negotiations.BEIJING: The European Union (EU) and China on Wednesday approved 'in principle' a major investment deal after seven years of painstaking negotiations....
Source: theSundaily - 🏆 25. / 51 Read more »