FCA and PSA expect to close the transaction by the end of the first quarter of 2021, subject to customary conditions set out in their “combination agreement”. The boards also agreed that prior to the conclusion of the merger, Groupe PSA could sell up to about 7 percent of the outstanding share capital of car supplier Faurecia. FCA and Groupe PSA confirm that the economic terms of their combination agreement signed on 17 December 2019 remain unchanged in all other respects and that the conclusion of the proposed concentration is expected to take place by the end of the first quarter of 2021, subject to the previously agreed terms for the conclusion of the combination agreement. “The amendments preserve the balance of the original combination agreement,” the two groups said, adding that Stellantis ownership would still be shared 50/50 between the current shareholders of PSA and FCA. The boards of directors of the two companies have agreed to amend their combination agreement reached last December in order to preserve the 50-50 balance and economic value of the combined company, which will be known as Stellantis, FCA and PSA said in a joint statement on Monday. The transaction is expected to close in the first quarter of 2021. PARIS — As part of its merger agreement with Fiat Chrysler Automobiles, the PSA Group has bought back 10 million shares of its Own Shares from its Chinese partner Dongfeng Motor, which took a significant stake in the French automaker in 2014. At the same time, PSA announced an amendment to the merger agreement, which asked PSA to buy back a total of 30.7 million shares of Dongfeng by December 31, 2020. Instead, the additional 20.7 million shares can now be sold to “PSA or any of the other third parties,” and if those deals are not completed by December.
. . .