Fiat Chrysler, PSA win EU antitrust okay for US$38 billion merger

Fiat Chrysler and French rival PSA gained EU antitrust approval on Monday for their US$38 billion merger to create the world's No.4 carmaker after pledging to boost Japanese rival Toyota Motor.

The two carmakers are looking to the deal to help them tackle the industry's dual challenges of funding cleaner vehicles and the global pandemic.The European Commission said PSA will extend its small van agreement with Toyota Motor by increasing capacity for Toyota and cutting transfer prices for the vehicles, spare parts and accessories to address EU competition concerns, confirming a Reuters story in October.

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