Fiat Chrysler CEO: Peugeot merger talks progressing well

Michael Manley, CEO of Fiat Chrysler Automobiles (FCA) and president of European Automobile Manufacturers’ Association (ACEA), speaks during a news conference in Brussels, Belgium January 22, 2020. REUTERS/Yves Herman

BRUSSELS (Reuters) – Fiat Chrysler’s (FCHA.MI) chief executive Michael Manley said on Wednesday merger talks with Peugeot owner PSA (PEUP.PA) to create the world’s No. 4 carmaker are progressing well and he hopes to have a deal sealed 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.

His comments come a month after the two carmakers agreed a binding deal to combine forces in a deal worth about $50 billion in response to a slowdown in global demand and mounting costs of making cleaner vehicles amid tighter emissions regulations.

Reporting by Edward Taylor; Writing by Josephine Mason; Editing by Keith Weir

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