PUGOY - Fiat and PSA aim for closing merger next quarter after green light from European Union

Fiat Chrysler Automobiles (FCAU) and Peugeot S.A. ([[PEUGF]], [[PUGOY]]) landed gained antitrust approval from the European Union for their $38B merger after making a series of concessions to address competition concerns, including pledging PSA extend its small van agreement with Toyota, as well as cutting transfer prices for the vans, spare parts and accessories. "Access to a competitive market for small commercial vans is important for many self-employed and small and medium companies throughout Europe," says European Competition Commissioner Margrethe Vestager. The closing of the merger is expected to occur by the end of the first quarter of 2021. Full EC press release.Shares of Fiat are down 2.40% in premarket trading. Industry check: Global auto sales momentum will pick up in 2021.

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Fiat and PSA aim for closing merger next quarter after green light from European Union