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FIAT / PSA DEAL TO FACE ‘THE MOTHER OF ALL MERGER CONTROL INVESTIGATIONS’


The recently announced plan to merge Fiat Chrysler with PSA Groupe will face ‘the mother of merger control investigations’ according to an an expert in corporate regulation.

Jonathan Branton, Head of Competition at city legal firm DWF Law said: “This is obviously a huge consolidation of the sector that will surely require a considerable effort in securing competition (merger control) across a variety of jurisdictions and especially the European Union”.

“This will take time and will create some uncertainty (although the parties will surely have planned this aspect meticulously). More particularly, this is representative of a general trend towards consolidation and/or cooperation in the sector as it undergoes the transformation that the changeover to electric vehicles is bringing. This is presenting unique challenges that seem set to make this and other projects which bring previously independent players together for different purposes (e.g. R&D) somewhat inevitable.”

The mega deal, announced earlier this week will see the creation of the world’s fourth largest carmaker and will be registered in the Netherlands, a country neutral to all parties.  Unions, including those that represent Vauxhall in the UK, have sought reassurances over job security.

Fiat 500 (2007-2015)

Posted in Factor & Supplier News, Garage News, NewsComments (1)

OSRAM LATEST: WORKERS UNION REJECTS AMS BID

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OSRAM LATEST: WORKERS UNION REJECTS AMS BID


German workers’ union IG Metall has rejected the recent €4.3 billion euro takeover offer by sensor firm AMS for lighting company Osram, according to a report by Reuters.

A spokeswoman reportedly said that ‘the strategy behind AMS’s offer is still not convincing.’

The rejection comes after Osram reported AMS’s €38.50 per-share offer on August 12th and stated that ‘the financing concept presented appears binding and viable.’ Osram confirmed it was in talks with AMS shortly after.

It is not the first time that IG Metall – which has more than 2.2 million members – has voiced opposition to the deal. On 24th July IG Metall released a statement opposing a ‘potential takeover of Osram by AMS’*, suggesting that the offer has been in talks for some time. At the time, IG Metall stated that ‘the necessary financing is absolutely irresponsible’* and ‘there are signs that the AMS offer will break up and massively downsize the company to create ‘synergies’. That is not acceptable to us.’*

OSRAM HQ

IG Metall’s rejection is the latest development in bids to acquire Osram. In early July, Osram received a public takeover offer from private equity firms Bain Capital and The Carlyle Group for €35 per share – approximately €4 billion in enterprise value.

*quotes indirect – translated by Google

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