FCA and PSA win Brazil antitrust approval for merger

Fiat Chrysler Automobiles (FCA) and Peugeot maker PSA have won a green light from Brazil’s competition watchdog for their planned billions worth merger, the regulator said.

Brazil’s CADE stated in a document according to its website that it had approved the operation without restrictions.

In confirming the ruling, FCA and PSA said it was now expected to become final in 15 days under Brazilian law.

The two automakers are set to win European Union’s approval for their merger, people familiar with the matter said last month, removing a major potential hurdle towards the closing of the deal and the creation of Stellantis, the world’s fourth-largest carmaker.

The two automakers aim to finish the deal in the first quarter of 2021.

The tie-up plan has already been cleared by several antitrust authorities in the world, such as the United States, China, Japan, and Russia.