By Jessica Sier
The 3.7 billion euro ($4.18 billion) full-year synergies expected from the Peugeot SA and Fiat Chrysler Automobiles NV merger is a "floor", Carlos Tavares, chairman of the French car maker's management board, said Thursday.
"I am going to take the risk today of telling you that this amount is a floor," Mr. Tavares said at the Peugeot shareholders general meeting. A 'floor' is the minimum amount expected.
The merger planning between the two companies is progressing "exactly as planned," Mr. Tavares added.
When asked about a revision to the terms of the merger after the coronavirus crisis, he said "now is not the time."
Ten of the 20 antitrust files filed by the two groups have received a green light, notably in China, the U.S. and Russia, Mr. Tavares said.
Mr. Tavares said 25 working groups are working on this merger, representing 500 executives of the two companies.
Peugeot and Fiat Chrysler expect to finalize their merger by the end of the first quarter of 2021.
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