From Breakingviews: Value fight would drive Peugeot into cul-de-sac by LJucca
Carlos Tavares, Chief Executive Officer and Chairman of the Managing Board of PSA Group, speaks at the Tomorrow In Motion event on the eve of press day at the Paris Auto Show, in Paris, France, October 1, 2018.
Though the two companies describe the proposed deal as a merger of equals, it’s really a takeover of Fiat by its French counterpart. The Italian-American company will pay out 5.5 billion euros and its Comau robotics unit to shareholders before consummating the union, while Peugeot will distribute a stake in parts maker Faurecia, worth 2.7 billion euros before the deal was announced.
The muted reaction may signal that investors are nervous about the chances of completing the deal, following the recently failed marriage between Renault and Fiat. Competition authorities may also get involved. And shareholders appear sceptical about the scope for delivering the promised synergies, given that the two companies have pledged not to close any factories.
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