(EDITORS NOTE: Multiple exposures were combined in camera to produce this image.) The logos of Fiat Chrysler Automobiles NV and Peugeot, a unit of PSA Group, sit on display in automobile showrooms in Dubai, United Arab Emirates, on Thursday, Oct. 31, 2019. Fiat Chrysler Automobiles NV and PSA Group went out of their way to make their combination as equal as possible, shedding assets, paying special dividends and distributing board seats. It didnt take long for investors to figure out who the buyer is. Photographer: Christopher Pike/Bloomberg via Getty Images

Fiat Chrysler, PSA win Brazil antitrust approval for merger

On November 6, 2020, 8:46 AM

Fiat Chrysler FCHA.MI and Peugeot maker PSA PEUP.PA have won a green light from Brazil’s competition watchdog for their planned $38 billion merger, the regulator said.

Brazil’s CADE said in a document on its website that it had approved the operation without restrictions.

In confirming the ruling, FCA and PSA said it was now expected to become final within 15 days under Brazilian law.

The two companies are set to win European Union’s approval for their merger, people close to the matter said last month, removing a major potential hurdle towards the closing of the deal and the creation of Stellantis, the world’s fourth largest carmaker.

The two carmakers aim to complete the deal in the first quarter of 2021.

The tie-up plan has already been cleared by several antitrust authorities around the world, including in the United States, China, Japan and Russia.

Story By Reuters

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