PSA-FCA Merger Doesn't Need Any Changes: Tavares

PSA Group CEO Carlos Tavares has bucked the notion that his company’s merger agreement with Fiat Chrysler Automobiles needed its terms massaged. Living through the coronavirus should be proof enough that automotive partnerships are essential for weathering the coming economic storm, and that governments shouldn’t stand in the way — or so goes the theory.

During PSA’s annual shareholder meeting on Thursday, the CEO suggested that the poor condition the global auto industry finds itself in makes this a poor time to discuss the issue. Tavares believes the unsavory conditions created by COVID-19 makes cost savings even more vital and that partnering with another automaker is its best bet to stay healthy. “The merger with FCA is the best among the solutions to cope with the crisis and its uncertainties,” he said.

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FCA, PSA to Be Probed Deeply Ahead of Merger

Executives from Fiat Chrysler Automobiles (FCA) and PSA Group are reportedly concerned that their companies are in for an extensive probing by the European Commission before their planned merger can take place. Ideally, the duo have said they want to finalize the deal early in 2021, but the prolonged investigative dive may force them to readjust that timeline.

The European Union has historically been a big fan of antitrust investigations and often tries to predict future business actions to address how newly formed organizations might impact the market overall. It’ll be a difficult task, what with automotive sales suppressed by coronavirus lockdowns and the global economy looking particularly grim.

Few are under the impression that the merger will be blocked, however.

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Fiat Chrysler-PSA Merger Heads to EU Regulators

The European Union’s antitrust regulators could easily allow the proposed $50 billion merger between Fiat Chrysler and France’s PSA Group to sail onward unopposed… or decide to throw a wrench into the works.

Both companies started funneling the necessary applications to the European Commission back in February, but Monday brought word of a decision date: on or before June 17th.

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Status of PSA-FCA Merger Questioned, French Half Says Everything's Fine

Following reports from France that the merger between PSA Group and Fiat Chrysler Automobiles could be upended by the coronavirus, PSA announced that the media got this one all wrong. While the French automaker admitted that economic problems stemming from the outbreak are indeed concerning, it reiterated its commitment to safeguarding employment while adding that a merger makes even more sense now than before.

Still, there are valid reasons to question the current state of the merger agreement established in December via a memorandum of understanding. COVID-19 has sent global markets into a tailspin, with PSA and FCA seeing their share prices seesawing in the wrong direction over the last two weeks.

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FCA: Merger With PSA to Be Finalized Early Next Year

The FCA-PSA merger is progressing nicely. According to Fiat Chrysler CEO Michael Manley, the joint timeline established last month is totally feasible. Both companies hoped to get this settled before 2022; Manley now believes everything could be settled within the next 12 to 14 months.

The manufacturers have inked a binding agreement — worth an estimated $50 billion — to collaboratively prepare themselves to fend against slowing global demand and the unpleasantly high cost of developing greener vehicles to appease regional emission laws. They’re also attempting to establish an effective comprehensive strategy for the numerous auto brands involved in the deal. While we speculated about Chrysler’s future yesterday, over a dozen other marques that cater to fairly specific customer groups also need to be considered.

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'I Do': Fiat Chrysler, PSA Sign Binding Merger Agreement

Regulatory and shareholder approvals will take some time, but the pending merger between Fiat Chrysler and France’s PSA Group is now chiseled in stone. The two automakers signed a binding combination agreement on Wednesday, positioning their respective companies for a 50:50 tie-up and the creation of the world’s third-largest automaker (by revenue).

Going by sales would make it the fourth-largest.

The move comes after the French government, which owns 12 percent of PSA, gave the deal ther green light, with the Peugeot family offering its own thumbs-up.

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Fiat Chrysler and PSA Confirm Merger Deal

Fiat Chrysler Automobiles and Groupe PSA both confirmed their intention to merge on Thursday, verifying reports that the pair were in the final stages of approving the deal. The arrangement will be a 50-50 share swap, with the new company’s shares listed on the New York, Paris and Milan stock exchanges.

The duo hope to finalize a deal in the coming weeks to create a group with 8.7 million in annual vehicle sales. That would make it the fourth-largest automaker in the world — behind Volkswagen, Toyota and the Renault-Nissan-Mitsubishi alliance.

“There is still plenty of work to do before we reach a formal agreement, but what’s clear is that the opportunity that represents for both companies is very compelling,” FCA head Mike Manley told Reuters. It would appear the arrangement is getting plenty of support. French and Italian leadership have both endorsed the move, provided there are no significant job losses in either country.

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Report: Fiat Chrysler Agrees to Merge With Groupe PSA

On Tuesday, we published a piece examining the possibility of Fiat Chrysler Automobiles merging with France’s Groupe PSA. Considering the how often FCA is in merger discussions, we treated it as little more than a well-founded rumor worth monitoring. But additional reports have come through suggesting that the deal has already been approved.

According to The Wall Street Journal, sources with first-hand knowledge have confirmed the companies are already moving forward on the union — effectively creating the world’s fourth largest automaker by volume.

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Fiat Chrysler and PSA Flirting With a Merging?

It’s almost like celebrity gossip these days. Except instead of trying to see who’s seated next to Taylor Swift or Selena Gomez at a swank joint on the Sunset Strip, we’re looking to see who’s chatting up Fiat Chrysler at the party.

The Wall St. Journal is reporting that Fiat Chrysler Automobiles and PSA Group of France are in talks to merge.

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Renault Chairman Still Carries a Torch for FCA Merger

While the proposed merger between Renault and Fiat Chrysler Automobiles was stymied after the French government refused to sign off on the deal without support from Renault’s Japanese partners, Chairman Jean-Dominique Senard has indicated he’s still keen on the idea.

Nissan’s reluctance to endorse the arrangement last June may have queered the deal, but things are evolving. The Japanese automaker has strived to reduce Renault’s influence in the automotive alliance, especially since the November arrest of Carlos Ghosn. Unfortunately for Nissan, ex-CEO Hiroto Saikawa was also caught up in the financial scandal — forcing him to resign. The Japanese automaker is now seeking a permanent replacement while CFO Yasuhiro Yamauchi runs things in the interim.

While it’s unlikely to make Japanese shareholders supportive of French involvement, it does provide an opportunity for Nissan to find a new chief executive who’s a bit more sympathetic to Renault’s desires.

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There's More Than One Name in This Little Black Book, Manley Tells Renault

Maybe that’s a dated reference in this age of smartphones and hookup romance apps. Regardless, the list of potential partners for a prowling Fiat Chrysler doesn’t begin and end with Renault-Nissan-Mitsubishi.

Oh sure, it wouldn’t mind getting down to business with the French-Japanese auto giant, but there’s plenty of fish in the sea. FCA knows it’s a catch, and wants to put Renault on notice that it has plenty of choice in who it goes home with.

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Crawling Back? Renault Still Eager to Merge With Fiat Chrysler, Report Claims

The proposed merger between two auto giants — Renault-Nissan-Mitsubishi and Fiat Chrysler Automobiles — went nowhere earlier this year, but the door to the deal never swung fully shut. That’s according to a report in the Wall Street Journal, in which sources claim talks are ongoing to rekindle the romance.

FCA snatched away its offer in June after the French government, which owns 15 percent of Renault, intruded into discussions, citing a need to have alliance partner Nissan fully on board. The Japanese automaker, embroiled in scandal and a serious financial slump, kept its distance from those earlier talks, offering polite but unenthusiastic public support as reports emerged of concerns about its autonomy and shrinking influence under such a marriage.

To get the deal back on track, Renault would need to loosen its ties with Nissan.

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Renault Not Interested in Giving up Nissan, Says CEO

With the Renault-Nissan partnership looking about as healthy as the bird you clipped on the highway last week, there has been some speculation that the Alliance might disband. At the very least, we know that Nissan has wanted Renault to diminish some of its authority and finally allow the Japanese brand to make a few decisions for itself.

While it’s being kept relatively quiet, Renault and Fiat Chrysler Automobiles are currently seeking ways to rescue their failed merger plan and receive Nissan’s blessing. But Nissan has been stonewalling the $35-billion deal by denying support. It’s not the most cunning strategy we’ve encountered, but totally effective in befuddling the French government to a point where it wanted to delay things — prompting FCA to back out.

Reuters is now claiming that Nissan plans on using round two of the merger talks to convince Renault to reduce its 43.4-percent stake in the company. But the French automaker’s CEO, Thierry Bolloré, says there’s no way that’s happening.

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Renault Chairman Opens Up About FCA Merger Failure

It was downright amazing how fast the proposed merger between Fiat Chrysler Automobiles and the Renault-Nissan-Mitsubishi Alliance collapsed. Considering the auto group’s messy state, there may have been no alternative. While Nissan’s unwillingness to support the merger is often cited as a chief reason in FCA’s backing out, it seems the Italian-American company was similarly spooked by internal strife within the alliance.

Renault Chairman Jean-Dominique Senard addressed the matter on Wednesday during the automaker’s annual meeting in Paris. He told shareholders that the French government’s inability to act was what ultimately led to Fiat Chrysler backing out of the deal, while openly lamenting the missed opportunity.

“This project remains, in my head, absolutely remarkable and exceptional,” Senard said. “Frankly, I am saddened.”

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Where Is the Renault-Nissan Alliance Headed?

The relationship between alliance partners Renault and Nissan remains incredibly strained. We’ve documented the souring of this corporate relationship closely since November, starting with the arrest of former Nissan chairman and Renault CEO Carlos Ghosn, but the partnership’s new chapter is a bit more confrontational. Of course, the relationship trouble started long before that.

Still in the midst of a corporate power struggle, Renault recently decided to block Nissan’s board reforms — possibly in response to the Japanese automaker not supporting a possible merger between the French automaker and Fiat Chrysler. Regardless, the Alliance now appears to be in real jeopardy, with neither side interested in cooperating. Nissan CEO Hiroto Saikawa appears to be hip to this fact, claiming the two sides need to take steps to stabilize and reinforce the Renault–Nissan–Mitsubishi Alliance or risk it dissolving completely.

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  • CanadaCraig You can just imagine how quickly the tires are going to wear out on a 5,800 lbs AWD 2024 Dodge Charger.
  • Luke42 I tried FSD for a month in December 2022 on my Model Y and wasn’t impressed.The building-blocks were amazing but sum of the all of those amazing parts was about as useful as Honda Sensing in terms of reducing the driver’s workload.I have a list of fixes I need to see in Autopilot before I blow another $200 renting FSD. But I will try it for free for a month.I would love it if FSD v12 lived up to the hype and my mind were changed. But I have no reason to believe I might be wrong at this point, based on the reviews I’ve read so far. [shrug]. I’m sure I’ll have more to say about it once I get to test it.
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  • Oberkanone Where is the value here? Magna is assembling the vehicles. The IP is not novel. Just buy the IP at bankruptcy stage for next to nothing.
  • Jalop1991 what, no Turbo trim?