[ad_1]
(Reuters) – Fiat Chrysler (FCHA.MI) and Peugeot maker PSA (PEUP.PA) on Wednesday reached a binding agreement for their roughly $50 billion merger, as the auto industry scrambles to develop zero-emissions vehicles and tackle slowing demand.
FILE PHOTO: The logos of car manufacturers Fiat and Peugeot are seen in front of dealerships of the companies in Saint-Nazaire, France, November 8, 2019. REUTERS/Stephane Mahe
Following is a chronology of the industry’s most important alliances and merger deals:
December 2019 – Fiat Chrysler and PSA reach a binding agreement on a $50 billion tie-up to create world’s No. 4 carmaker. Aim to complete deal in 12-15 months.
October 2019 – Companies confirm talks over a potential deal.
May 2019 – Fiat Chrysler proposes a merger of equals with French rival Renault but later withdraws the idea after the French government demands concessions.
October 2018 – Honda Motor Co says it will invest $2.75 billion and take a 5.7% stake in General Motors Co’s Cruise self-driving unit.
June 2018 – Ford and Volkswagen unveil an alliance in commercial vehicles, though they say they have no plans for an equity swap or cross-ownership structure.
February 2018 – Geely Chairman Li Shufu reveals he has bought a 9.69% stake in Mercedes-Benz parent Daimler worth around $9 billion.
January 2018 – Mazda and Toyota say they will open a $1.6 billion joint venture factory in Alabama in 2021. Toyota takes a 5% stake in Mazda as part of the deal.
August 1, 2017 – General Motors sells European brands Opel and Vauxhall to PSA for 2.2 billion euros.
May 2016 – Nissan buys 34% stake in Mitsubishi Motors, handing it de facto control in a $2.2 billion deal.
January 2016 – Toyota, which already owned 51.2% of Daihatsu, buys the rest in an all-stock deal worth $3 billion.
September 2015 – Fiat Chrysler CEO Marchionne emails GM chief Mary Barra asking her to explore a combination of the two carmakers but is rebuffed.
April 2015 – French state ups Renault stake to 19.74% from 15% in a deal designed to block efforts by Nissan to increase its influence over Renault.
January 2014 – Fiat buys 41.46% of Chrysler it did not already own in a $4.35 billion deal.
July 2012 – Volkswagen takes control of Porsche.
April 2010 – Renault-Nissan boss Carlos Ghosn and Daimler CEO Dieter Zetsche unveil arms-length alliance including cross-shareholdings of around 3%.
March 2010 – China’s Zhejiang Geely Holding buys Volvo cars from Ford $1.8 billion.
2008 – India’s Tata buys Jaguar and Land Rover from Ford for $2.3 billion.
2007 – Daimler sells 80% stake in Chrysler to private equity firm Cerberus for 5.5 billion euros.
March 2000 – Ford buys Land Rover from BMW for $2.7 billion.
March 2000 – BMW sells Rover but retains ownership of Mini.
March 1999 – Renault and Nissan sign an alliance which results in Renault holding a 44.4% stake in Nissan, while Nissan bought 15% of Renault shares.
January 1999 – Ford buys Sweden’s Volvo cars for $6.45 billion.
September 1998 – Volkswagen buys Lamborghini.
July 1998 – Volkswagen buys Bentley and Bugatti.
May 1998 – Daimler-Benz buys Chrysler for $36 billion.
January 1994 – BMW buys Rover Group for 800 million pounds.
December 1990 – Czech government allows Volkswagen to buy Skoda.
June 1986 – Volkswagen buys 51% of Seat.
Reporting by Edward Taylor; Editing by David Holmes and Josephine Mason
[ad_2]
Source link