Rationale for FCA-PSA merger deal ‘stronger than ever’: Elkann

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FILE PHOTO: Chairman and CEO of Exor and Chairman of Fiat Chrysler Automobiles John Elkann speaks during investor day held by the holding group of Italy’s Agnelli family in Turin, Italy November 21, 2019. REUTERS/Massimo Pinca/File Photo

MILAN (Reuters) – The reasons behind the proposed merger of car makers Fiat Chrysler (FCHA.MI) and Peugeot-owner PSA (PEUP.PA) are “stronger than ever” as the COVID-19 pandemic adds to existing challenges facing the industry, the FCA chairman said on Wednesday.

Addressing shareholders in EXOR, the Agnelli family’s holding company, John Elkann, who is also EXOR chairman and CEO, said preparatory work for the merger proceeded “on time and as envisaged.”

Elkann said there was also “good progress” on finding a new boss for CNH Industrial (CNHI.MI), after leadership issues contributed to the group’s “disappointing underperformance.” and led to Chairman Suzanne Heywood taking on the CEO role on an interim basis.

Reporting by Giulio Piovaccari, writing by Valentina Za, editing by Giulia Segreti

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