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Fiat Chrysler, PSA Shares Rise After Merger Deal Revision

FCA-M-A-PSA:Fiat Chrysler, PSA shares rise after merger deal revision

FCA-M-A-PSA:Fiat Chrysler, PSA shares rise after merger deal revision

Milanlisted shares in Fiat Chrysler rose sharply in early trade on Tuesday, after the group and Peugeot maker PSA revised the terms of their planned merger.

ROME: Milan-listed shares in Fiat Chrysler rose sharply in early trade on Tuesday, after the group and Peugeot maker PSA revised the terms of their planned merger.

Fiat Chrsyler shares rose more than 7 percent after failing to open. PSA shares were up 1.1% by 0705 GMT, while shares in car parts maker Faurecia – in which PSA has a major stake – slumped by around 10%.

The companies, set to merge into the world’s fourth largest carmaker, Stellantis, said they wanted to conserve cash and stepped up promised levels of cost cutting.

The two carmakers confirmed that they expected to complete their tie-up process by the end of first quarter of next year.

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first published:September 15, 2020, 12:51 IST