MILAN -- The COVID-19 crisis has not delayed plans to finalize a merger between Fiat Chrysler Automobiles and PSA Group by the first quarter of next year, FCA Chairman John Elkann said.
"In spite of the huge challenges that have materialized with the COVID-19 emergency, I can confirm that the work of our teams towards the completion of the merger has continued apace and we expect to meet our objective of combining as a single company by the first quarter of next year," Elkann said during the automaker's shareholders' meeting on Friday.
"The COVID-19 crisis has further underlined the compelling logic of this merger," he added.
PSA CEO Carlos Tavares told his company's shareholders on Thursday that he was confident that it would be finalized by the first quarter of 2021 "at the latest." Tavares also pushed back against suggestions that the terms of its merger agreement with FCA should be revised because of the impact of the coronavirus crisis.