Dongfeng Motor Backs Fiat Chrysler, Peugeot Merger
19 Dezember 2019 - 2:25AM
Dow Jones News
By Martin Mou
China's Dongfeng Motor Group Co. (0489.HK) says it has voted in
favor of the merger agreement between Peugeot S.A. (UG.FR) and Fiat
Chrysler Automobiles N.V. (FCA.MI) at PSA's board meeting.
Dongfeng will also back future moves to complete the $50 billion
tie-up, it said late Wednesday, following the signing of a binding
agreement between Fiat Chrysler and PSA.
In a separate agreement with PSA, Dongfeng will sell 30.7
million PSA shares back to the French car maker, reducing its stake
in the merged company to 4.5%.
Dongfeng and PSA also agreed to expand their global partnership,
which includes extending their joint venture in China to 2037,
Dongfeng said.
Write to Martin Mou at martin.mou@wsj.com
(END) Dow Jones Newswires
December 18, 2019 20:10 ET (01:10 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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