The end of the gas guzzlers? Peugeot and Fiat want to merge

The French auto group PSA and the Italian-American car maker Fiat Chrysler (FCA) have agreed on an official merger talks. The companies reported in a joint Statement on Thursday.

Thus, the world's fourth-largest manufacturer, is to be built with a targeted sales of 8.7 million vehicles per year. Annual synergies in the amount of 3.7 billion euros to tap into a Fusion realize, without closing a factory in the train of the deal, informed the companies. Larger than the new Auto giant would be the only Volkswagen, Toyota, and the French-Japanese Renault-Nissan Alliance.

merger

The Board of Directors of PSA had been given on Wednesday evening the green light for a merger, as the German press Agency learned.

PSA under the brands Opel, Peugeot, DS and Citroën. Fiat Chrysler has the brands Alfa Romeo, Chrysler, Dodge, Jeep, Lancia and Maserati under its roof. Opel is part of for a good two years to PSA and is trimmed with a heavy Hand with efficiency and profits.

headquarters of the PSA group in Rueil-Malmaison near Paris. (Archive image) image: Vincent Isore/Getty

a merger "among equals is Sought". PSA boss Carlos Tavares to lead the new group as Chairman of the Board. The FCA Chairman John Elkann - grandson of longtime Fiat boss Giovanni Agnelli - would occupy this role in the new company. According to the "Wall Street Journal" of Tuesday, Fiat Chrysler and PSA are on the stock exchange a total of around 50 billion dollars (45 billion euros) in value.

French state agrees to

has seen The merger of the two major European players from the French government honored. "The consolidation in this industry is a goal of the manufacturers in this sector and the state is divided", said the French government spokeswoman Sibeth Ndiaye on Wednesday.

France was sinking in, especially the fact that the employment in PSA will be backed up. The state has a funding Bank 12,23% of the shares of PSA and 9.75 percent of the voting rights. Other big shareholders-the Peugeot family and the Chinese manufacturer Dongfeng are.

Failed attempt with Renault

Fiat Chrysler wanted to connect previously with the French manufacturer Renault and the world's third-largest car manufacturer form. The talks broke down, however. After months of negotiations, Fiat-Chrysler withdrew in June, his offer for a merger.

The Mirafiori car factory of Fiat in Turin. (Archive photo) photo: Giorgio Perottino/Reuters

The industry is under enormous pressure. Car manufacturers need to invest billions in Autonomous cars and electric mobility and are looking for a Partner.

In the industry is always addressed to the specific problems of Fiat Chrysler. The manufacturer had omitted under the leadership of the now deceased auto boss Sergio Marchionne on large investments in electric drives.

Had not invested in the future: The deceased Fiat-Chrysler CEO Sergio Marchionne prior to a Meeting with U.S. President Donald Trump in may 2018. (Archive image) image: Kevin Lamarque/Reuters

Currently, the group is, especially with the great fuel of the brands Jeep, and Ram eaters in the USA successfully. This helps in Europe, but not in compliance with CO2-targets, starting no later than 2021. In the home continent of the Fiat, the group loses market share and drove also last only hair sharply at an operating loss.

(oli/sda)

Created: 31.10.2019, 08:41 PM