PSA CEO says merger with Fiat Chrysler on track

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PARIS — PSA Group  CEO Carlos Tavares said he was confident the merger of the automaker and Fiat Chrysler Automobiles would go ahead as planned and yield synergies of at least 3.7 billion euros ($4.2 billion).

“The timetable of the merger with FCA is being strictly respected,” Tavares said at PSA’s annual shareholders meeting Thursday.

He added he was confident the deal would be finalized during the first quarter of 2021 “at the latest.”

Commenting on expected synergies from the deal, he said 3.7 billion euros was a “floor.”

Last week, European Union antitrust regulators opened a four-month investigation into the proposed $50 billion merger, saying it may harm competition in small vans in 14 EU countries and Britain.

The two carmakers had declined to offer concessions to allay the EU competition enforcer’s concerns during its preliminary review of the deal.

The deal has already received the green light in the United States, China, Japan and Russia.

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