Daily Management Review

Peugeot and Fiat Chrysler sign merger deal


11/01/2019


Fiat Chrysler and PSA Peugeot automakers' boards of directors approved the merger on an equal footing, both sides said. The merger will create the fourth-largest car manufacturer in the world, valued at approximately at $ 50 billion.



needpix.com
needpix.com
The parties expect to join forces in the development of electric vehicles and unmanned vehicles, share technology and reduce costs.

According to FCA and PSA press releases, the companies agreed to "work on a complete business combination through a 50/50 merger." The combined company will be led by PSA CEO Carlos Tavares, and John Elkann, who holds this position in Fiat Chrysler, will head its board of directors. There will be 11 people on the board, including Tavares.

Earlier, agreements were reported by The Wall Street Journal and the Dow Jones, citing sources. Information about the negotiations of the companies appeared earlier this week, it was officially confirmed on October 30.

Peugeot shares rose 4.5% at the opening of trading on Thursday, Fiat Chrysler price of securities jumped 8.9%.

In the summer of 2019, the FCA discussed a merger with the Renault SA group, but the deal did not take place.

source: cnn.com






Science & Technology

Live Facial Recognition Cameras Will Be Used By London Police

Driverless Vehicle For Its Ride-Sharing Service Unveiled By GM’s Cruise

Amazon will allow customers to pay with palms instead of cards

Complete Computer System For Self Driving Cars Launched By Qualcomm

In A Lifetime We Could Accumulate 20Kg Micro-Plastic In Our Body

Creator Of The First 'Gene-Edited' Babies Of The World Gets 3 Year Jail Term In China

China to deploy giant Beidou global navigation system in 2020

VW Zwickau factory is getting ready for electric cars production

Airbus: Passenger hybrid aircraft to take off before 2035

Ocado To Introduce ‘Mini Robotic Warehouse’ With Standard Productivity

World Politics

World & Politics

French tour operators will stop sending tourists to China until February 21

US Will Not Give Visas To Pregnant Women To Prevent Organized 'Birth Tourism'

Heads of the European Council and European Commission sign Brexit agreement

UK adds Greenpeace, PETA to extremist organizations list

Indonesia, UAE sign nearly $23B deal

US to respond to Iran’s attacks on US bases in Iraq

Irish Passport issues hit record in anticipation of Brexit

Reporters Without Borders calls to release Julian Assange