Fiat Chrysler’s chief executive Michael Manley said on Wednesday, January 22, that merger talks with Peugeot owner PSA to create the world’s No. 4 carmaker are progressing well and he hopes to have a deal within 12-14 months.
Speaking to Reuters on the sidelines of an industry meeting, he said he doesn’t expect any major obstacles that could delay a final agreement.
“Talks are progressing really well,” Manley said about negotiations with the French carmaker ahead of a briefing by the European automotive association (ACEA), of which he is president.
His comments come a month after the two carmakers agreed a binding deal worth about US$50 billion to combine forces in response to a slowdown in global demand and mounting costs of making cleaner vehicles amid tighter emissions regulations.