BRUSSELS (Business) – EU antitrust regulators will decide by June 17 whether to clear Fiat Chrysler and Peugeot maker PSA’s $50 billion (40.5 billion pounds) merger, according to a European Commission filing on Monday.
The companies announced the deal to create the world’s fourth biggest carmaker in December, putting under one roof the Italian company’s brands such as Fiat, Jeep, Dodge, Ram, Maserati and the French company’s Peugeot, Opel and DS.
Fiat and PSA sought EU approval on Friday, the Commission site showed.
EU competition enforcers can approve the deal with or without conditions or open a full-scale investigation of about four months following the end of the preliminary review should they have deep concerns.
The deal comes amidst falling car sales across the world as companies shut down production lines and showrooms to contain the coronavirus outbreak, although some companies are reopening plants as countries ease lockdowns.
(Photos syndicated via Reuters)
