Peugeot SA: agrees merger with FCA
(CercleFinance.com) - It's done: Peugeot SA and Fiat Chrysler Automobiles (FCA) announce that they have reached an "engaging" merger agreement that will give birth to the 4th largest car maker in the world, with 8.
7 million vehicles sold per year, and consolidated revenues of close to 170 billion euros.
The merger is estimated to deliver approximately 3.7 billion euros in annual run-rate synergies, with no plant closures resulting from the transaction - "synergies are expected to be net cash flow positive from year 1," the companies said.
As announced, John Elkann will chair the board of directors and Carlos Tavares will be the group's CEO. Its major shareholders (Exor, Agnelli holding company, Peugeot and Bpifrance) reaffirm their support for the deal and will have seats on the board.
The company said that the merger is set to occur over the next 12-15 months.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
7 million vehicles sold per year, and consolidated revenues of close to 170 billion euros.
The merger is estimated to deliver approximately 3.7 billion euros in annual run-rate synergies, with no plant closures resulting from the transaction - "synergies are expected to be net cash flow positive from year 1," the companies said.
As announced, John Elkann will chair the board of directors and Carlos Tavares will be the group's CEO. Its major shareholders (Exor, Agnelli holding company, Peugeot and Bpifrance) reaffirm their support for the deal and will have seats on the board.
The company said that the merger is set to occur over the next 12-15 months.
Copyright (c) 2019 CercleFinance.com. All rights reserved.