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Fiat Chrysler Automobiles NV FCAU

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Fiat Chrysler and Peugeot Agree to Merger Adjustments, Raises Cost-Saving Target

Richard Hilgert Senior Equity Analyst

Analyst Note

| Richard Hilgert |

Fiat Chrysler and Peugeot have agreed to amend merger terms including the special dividend to Fiat Chrysler shareholders and the spin-off of Faurecia to Peugeot shareholders. The original agreement had Fiat Chrysler paying a EUR 5.5 billion special dividend and Peugeot spinning off its 46% ownership stake in Faurecia. Under the amended agreement, Fiat Chrysler will pay a EUR 2.9 billion special dividend to alleviate the coronavirus' liquidity impact. Peugeot’s 46% ownership stake in Faurecia will be distributed to Stellantis (merged Fiat Chrysler and Peugeot) shareholders with 23% going to former Fiat Chrysler shareholders and 23% going to former Peugeot shareholders. The companies also agreed, depending on market conditions and performance, to distribute EUR 500 million to each company’s shareholders prior to closing or, alternatively, Stellantis may distribute EUR 1.0 billion to all shareholders after closing.

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Company Profile

Business Description

Fiat Chrysler Automobiles makes passenger vehicles and light trucks. Its brands include Abarth, Alfa Romeo, Chrysler, Dodge, Fiat, Lancia, Maserati, and Ram. The company also owns Comau, which makes industrial robots. Comau is to be separated after the closing of the merger with Peugeot.

25 St. James's Street
London, SW1A 1HA, Netherlands
T +44 2077660311
Sector Consumer Cyclical
Industry Auto Manufacturers
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type
Employees 191,752