Posted on Sep 29, 2020 at 3:55 PMUpdated Sep 29, 2020 5:46 PM
PSA and Fiat Chrysler (FCA) continue to schedule merger to close "By the end of the first quarter of 2021", but the two manufacturers seem to be giving themselves the means to anticipate this timetable. In a few days, the two parties have taken three major steps: after the renegotiation of the financial terms of the deal a fortnight ago (a revision made necessary by the crisis), then the sending to Brussels last Friday of proposals to lift the reluctance DG Competition, the two groups announced on Tuesday the composition of the future board of directors of Stellantis, the group in the process of gestation.
As foreseen in the merger agreement sealed at the end of December 2019, the board will have 11 members and will be chaired by John Elkann, the president of FCA. PSA boss Carlos Tavares, who was chosen to drive the future together, will be around the table in this capacity.