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Money PSA sells 7% of the equipment manufacturer Faurecia before its merger with Fiat-Chrysler

14:30  28 october  2020
14:30  28 october  2020 Source:   latribune.fr

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  PSA cède 7% de l'équipementier Faurecia avant sa fusion avec Fiat-Chrysler © Supplied by La Tribune

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."

Read also: PSA / FCA merger: the birth of Stellantis, the world's 4th largest automotive group, is very close

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.

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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.

Read also: How PSA and Fiat have consolidated their future marriage

Concessions to obtain the

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. .

Read also: PSA / FCA: who are the members of the new board of directors of Stellantis?

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