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Sayenko Kharenko advises Fiat Chrysler Automobiles in obtaining Ukrainian merger clearance for combination of FCA and PSA to create a leader in sustainable mobility
Sayneko Kharenko, Kyiv, Ukraine,
May 24, Mon, 2021
Sayenko Kharenko antitrust team has acted as legal advisor to Fiat Chrysler Automobiles N.V. (“FCA”) in obtaining the necessary approval of the Antimonopoly Committee of Ukraine (the AMC) for a merger of FCA with Peugeot S.A. (“Groupe PSA”) to create the world’s fourth-largest automobile manufacturer by volume with annual sales of 8.7 million units and combined revenues of nearly €170 billion.
The merger between FCA and Groupe PSA became effective on 16 January 2021 creating Stellantis N.V. (“Stellantis”), which will be an industry leader with the management, capabilities, resources, and scale to successfully capitalize on the opportunities presented by the new era in sustainable mobility. The combined entity will have a balanced and profitable global presence with a highly complementary and iconic brand portfolio covering all key vehicle segments from luxury, premium, and mainstream passenger cars through to SUVs and trucks & light commercial vehicles.
Following an in-depth market investigation initiated by the AMC, the parties presented well-structured and strong arguments to the AMC proving the absence of competition concerns as the result of the merger. Having analyzed the detailed market studies and reactions of the market players, the AMC agreed with the findings and conclusions of the parties and approved the transaction.
Sayenko Kharenko antitrust team advising on the project included senior associate Igor Pomaz and associate Kateryna Novodvorska and was led by partner Valentyna Hvozd.
Fiat Chrysler Automobiles (FCA) is a global automaker that designs, engineers, manufactures and sells vehicles in a portfolio of exciting brands, including Abarth, Alfa Romeo, Chrysler, Dodge, Fiat, Fiat Professional, Jeep®, Lancia, Ram and Maserati. It also sells parts and services under the Mopar name and operates in the components and production systems sectors under the Comau and Teksid brands. FCA employs nearly 200,000 people around the globe.
About Groupe PSA
Groupe PSA designs unique automotive experiences and delivers mobility solutions to meet all customer expectations. The Group, which employs 210,000 people, has five car brands, Peugeot, Citroën, DS, Opel and Vauxhall and provides a wide array of mobility and smart services under the Free2Move brand. Its ‘Push to Pass’ strategic plan represents a first step towards the achievement of the Group’s vision to be “a global carmaker with cutting-edge efficiency and a leading mobility provider sustaining lifetime customer relationships”. An early innovator in the field of autonomous and connected cars, Groupe PSA is also involved in financing activities through Banque PSA Finance and in automotive equipment via Faurecia.
Additional information can be found in FCA official press release [fcagroup.com].