PSA and Fiat Tweak Merger Terms Again to Keep Deal on Course
- Carmakers agree that PSA can sell part of Faurecia holding
- French manufacturer also reports sales that beat estimates
PSA is dependent on the European market, where car sales have made a patchy recovery.
Photographer: Nathan Laine/BloombergThis article is for subscribers only.
PSA Group and Fiat Chrysler Automobiles NV agreed to change the terms of their planned $37 billion merger to win regulatory approval, bringing them one step closer to forming the world’s fourth-biggest carmaker.
The manufacturers on Wednesday said their boards had agreed to modify the steps by which car-parts maker Faurecia SE would be distributed to shareholders of the combined company. Under the plan, Peugeot maker PSA will be allowed to sell as much as 7% of the French supplier before the deal is completed.