Money PSA sells 7% of the equipment manufacturer Faurecia before its merger with Fiat-Chrysler
Sweden bans China's Huawei, ZTE from 5G network
Sweden has banned Chinese telecoms groups Huawei and ZTE from its 5G network for security reasons, the Swedish telecoms regulator said on Tuesday. The ban is in line with new legislation that took effect in January 2020 following an examination by the Swedish armed forces and security service "to ensure that the use of radio equipment in these bands does not cause harm to Sweden's security," the Swedish Post and Telecom Authority said in a statement.
A small step closer to the merger between the PSA (Peugeot Citroën) and FCA (Fiat-Chrysler) groups. Their respective boards of directors signed on Tuesday, October 27 the common conditions that will apply to this merger, intended to create Stellantis, the world's fourth largest automobile manufacturer. The parties expect it "to be completed by the end of the first quarter of 2021, subject to the conditions set out in their merger agreement."
Among them, the two boards have thus approved that PSA would sell "up to about 7% of the share capital" of the equipment supplier Faurecia "before the completion of the merger", or about 350 million euros according to the value of the share Wednesday. Stellantis would thus keep 39% of Faurecia.
A look at Donald Trump's record on auto jobs
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PSA could also "take other measures (other than the additional sale of shares), to ensure that Stellantis does not acquire control of Faurecia, in accordance with the provisions of the original merger agreement". "This should make it easier to obtain the necessary regulatory approvals related to the merger," commented the two groups.
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merger At the end of September, the two groups offered concessions to the European Commission to allay its fears in terms of harm to competition, this which should allow them to get a green light from Brussels for the birth of the new group, according to concordant sources. Brussels' decision is expected no later than February 2.
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PSA and FCA had initially planned to distribute Faurecia shares before their marriage, before changing their mind in September. "A distribution of Faurecia shares after the" closing "implied in fact a control of Faurecia by Stellantis on" D-Day "and would have required to discuss again with certain anti-trust", specified a spokesperson for PSA contacted by the AFP.
The proceeds of this proposed sale, as well as the remaining equity stake in Faurecia, are expected to be distributed to Stellantis shareholders shortly after the completion of the merger, subject to the approval of the Board of Directors and Stellantis shareholders. .
GM to bring pickups production back to Canada .
General Motors announced Thursday a deal with the Canadian auto workers' union to bring back to this country production of pickups to meet rising demand in North America. GM said it will hire up to 1,700 workers and spend more than Can$1 billion (US$767 million) to retool the Oshawa, Ontario plant, which closed last year, to assemble its "new family of pickup trucks." Production is expected to begin in January 2022, GM said. "We will move veryGM said it will hire up to 1,700 workers and spend more than Can$1 billion (US$767 million) to retool the Oshawa, Ontario plant, which closed last year, to assemble its "new family of pickup trucks.