PSA’s Merger with Fiat Chrysler

Linklaters, Bredin Prat, Stibbe, Bonelli Erede and Cravath advised PSA. Sullivan & Cromwell, Legance, Maisto, De Brauw advised FCA. Willkie Farr & Gallagher a conseillé Bpifrance. Clifford Chance a conseillé Dongfeng Motor Group

The ongoing discussions are paving the way for the creation of a new group with world-class size and resources, the capital of which would be 50% owned by PSA Group shareholders and 50% by FCA shareholders. The proposed merger unifies the activities of the two groups. The transaction is valued at more than 40 billion euros and would create the world’s fourth-largest automaker with 8.7 million vehicles sold annually, sales of 170 billion euros and 410,000 employees worldwide.

In a rapidly changing environment, faced with new challenges in terms of connected, electrified, shared and autonomous mobility, the new combined entity would take advantage of its global R&D footprint and its ecosystem, to accelerate innovation and meet these challenges with agility and economic efficiency.

Linklaters advised PSA with Anne Wachsmann, Thomas Elkins, Matthieu Blayney, Sara Gil Garcia, Violette Grac-Aubert, Pablo Boirin, Anne-Elisabeth Herrada and Camille Coulon.

Bredin Prat advised PSA with Benjamin Kanovitch, Kate Romain, Jean-Benoît Demaret, Jing Wei, Jérôme Vincent, Dingyi Yu, François Herbert, Ghita Maata (M&A), Laetitia Tombarello, Simon Dereix, Geoffrey Gury (Employment) Samuel Pariente, Mathieu Arnault, Elsa Tessier (Finance), Olivier Saba, Jean-Damien Boulanger (Capital Markets), Yves Rutschmann, Anne Robert, Marion Meresse, Camille Marpillat et Amaury De Galbert (Tax), Olivier Billard, Yelena Trifounovitch, Guillaume Fabre and Camille Petiaun (Antitrust).

Stibbe advised PSA with Manon Cremers, Jeroen Smits, Pieter Schütte, Paul Vestering, Marc Habermehl, IJsbrand van Straten, Lieke Stroeve, Steven Hijink and Ivo Nelissen

The Cravath team was led by partners George A. Stephanakis and G.J. Ligelis Jr., and includes practice area attorney Roberto Bruno and associates Nicoleta D. Lupea, Joanna Pak and Henri R. Simonet on M&A matters; partners Stephen L. Gordon and Christopher K. Fargo, senior attorney Andrew Carlon and associate Jiyeon K. Barta on tax matters; partner Eric W. Hilfers and associates Matthew J. Bobby and Jana I. Hymowitz on executive compensation and benefits matters; and partner Matthew Morreale on environmental matters. Ryan S. Genkin and Hamza Sebti also worked on M&A matters.

BonelliErede advised PSA in Italy.

Sullivan & Cromwell advised FCA with Scott D. Miller (Picture), Olivier de Vilmorin, Oderisio de Vito Piscicelli, Vincent Bourrelly, Daniel J. Belke, Umberto Hassan, Nicolas Karmin, Henri Stiegler, Alexis Raguet, Camille Le Dantec, Morgane Praindhui De Beys (M&A), Gauthier Blanluet, Nicolas de Boynes, Davis J. Wang, Andrew Thomson, Alexis Madec, Jameson S. Lloyd, Minjae Jo, Joshua I. Stevens, Clémence Seichepine (Tax), Christopher L. Mann (CFIUS), Jeannette E. Bander, Steven M. Keithley (Executive Compensation), Nader A. Mousavi (IP&IT), Steven L. Holley, Juan Rodriguez, Axel Beckmerhagen, Frédéric Robles (Antitrust) and Matthew J. Brennan (Environmental).

De Brauw advised FCA in the Netherlands.

Legance advised FCA in Italy with Alberto Giampieri, Laura Li Donni, Stefano Bandini and Donatella Ruggiero.

Maisto advised FCA with Guglielmo Maisto and Cesare Silvani (Tax).

Willkie Farr & Gallagher LLP advises Bpifrance (Bpifrance holds 12.3% of PSA) with Daniel Hurstel and Gabriel Flandin.

Clifford Chance advised Dongfeng Motor Group, a reference shareholder of Groupe PSA, on this operation with a team consisting of Mathieu Remy and Aline Cardin, partners, Alexandre Merle, counsel, as well as Alexis Mesnildrey, associate.

The Shanghai office of Clifford Chance was also involved in this transaction with a team consisting of Tim Wang, partner, Yi Yang, counsel, as well as Mercia Wang, associate.

Involved fees earner: Mathieu Arnault – Bredin Prat; Olivier Billard – Bredin Prat; Jean-Damien Boulanger – Bredin Prat; Amaury De Galbert – Bredin Prat; Jean-Benoît Demaret – Bredin Prat; Simon Dereix – Bredin Prat; Guillaume Fabre – Bredin Prat; Geoffrey Gury – Bredin Prat; François Herbert – Bredin Prat; Benjamin Kanovitch – Bredin Prat; Ghita Maata – Bredin Prat; Camille Marpillat – Bredin Prat; Marion Méresse – Bredin Prat; Samuel Pariente – Bredin Prat; Camille Petiau – Bredin Prat; Anne Robert – Bredin Prat; Kate Romain – Bredin Prat; Yves Rutschmann – Bredin Prat; Olivier Saba – Bredin Prat; Elsa Tessier – Bredin Prat; Laetitia Tombarello – Bredin Prat; Yelena Trifounovitch – Bredin Prat; Jérôme Vincent – Bredin Prat; Jing Wei – Bredin Prat; Dingyi Yu – Bredin Prat; Aline Cardin – Clifford Chance; Alexandre Merle – Clifford Chance; Alexis Mesnildrey – Clifford Chance; Mathieu Rémy – Clifford Chance; Mercia Wang – Clifford Chance; Tim Wang – Clifford Chance; Yi Yang – Clifford Chance; Jiyeon Barta – Cravath Swaine & Moore; Matthew Bobby – Cravath Swaine & Moore; Roberto Bruno – Cravath Swaine & Moore; Andrew Carlon – Cravath Swaine & Moore; Christopher K. Fargo – Cravath Swaine & Moore; Stephen Gordon – Cravath Swaine & Moore; Eric Hilfers – Cravath Swaine & Moore; Jana Hymowitz – Cravath Swaine & Moore; G.J. Ligelis Jr. – Cravath Swaine & Moore; Nicoleta Lupea – Cravath Swaine & Moore; Matthew Morreale – Cravath Swaine & Moore; Joanna Pak – Cravath Swaine & Moore; Henri Simonet – Cravath Swaine & Moore; George Stephanakis – Cravath Swaine & Moore; Stefano Bandini – Legance; Alberto Giampieri – Legance; Laura Li Donni – Legance; Donatella Ruggiero – Legance; Matthieu Blayney – Linklaters; Pablo Boirin – Linklaters; Camille Coulon – Linklaters; Thomas Elkins – Linklaters; Sara Gil Garcia – Linklaters; Violette Grac-Aubert – Linklaters; Anne-Elisabeth Herrada – Linklaters; Anne Wachsmann – Linklaters; Guglielmo Maisto – Maisto & Associati; Cesare Silvani – Maisto & Associati; Manon Cremers – Stibbe; Marc Habermehl – Stibbe; Steven Hijink – Stibbe; Ivo Nelissen – Stibbe; Pieter Schütte – Stibbe; Jeroen Smits – Stibbe; Lieke Stroeve – Stibbe; IJsbrand van Straten – Stibbe; Paul Vestering – Stibbe; Jeannette Bander – Sullivan & Cromwell; Axel Beckmerhagen – Sullivan & Cromwell; Daniel Belke – Sullivan & Cromwell; Gauthier Blanluet – Sullivan & Cromwell; Vincent Bourrelly – Sullivan & Cromwell; Matthew Brennan – Sullivan & Cromwell; Nicolas de Boynes – Sullivan & Cromwell; Olivier de Vilmorin – Sullivan & Cromwell; Oderisio De Vito Piscicelli – Sullivan & Cromwell; Umberto Hassan – Sullivan & Cromwell; Steven Holley – Sullivan & Cromwell; Minjae Jo – Sullivan & Cromwell; Nicolas Karmin – Sullivan & Cromwell; Steven Keithley – Sullivan & Cromwell; Camille Le Dantec – Sullivan & Cromwell; Jameson Lloyd – Sullivan & Cromwell; Alexis Madec – Sullivan & Cromwell; Christopher Mann – Sullivan & Cromwell; Scott Miller – Sullivan & Cromwell; Nader Mousavi – Sullivan & Cromwell; Morgane Praindhui-De Beys – Sullivan & Cromwell; Alexis Raguet – Sullivan & Cromwell; Frederic Robles – Sullivan & Cromwell; Juan Rodriguez – Sullivan & Cromwell; Clémence Seichepine – Sullivan & Cromwell; Joshua Stevens – Sullivan & Cromwell; Henri Stiegler – Sullivan & Cromwell; Andrew Thomson – Sullivan & Cromwell; Davis Wang – Sullivan & Cromwell; Gabriel Flandin – Willkie Farr & Gallagher; Daniel Hurstel – Willkie Farr & Gallagher;

Law Firms: Bredin Prat; Clifford Chance; Cravath Swaine & Moore; Legance; Linklaters; Maisto & Associati; Stibbe; Sullivan & Cromwell; Willkie Farr & Gallagher;

Clients: Bpifrance; Dongfeng Motor Corporation; Fiat Chrysler Automobiles N.V.; PSA Peugeot Citroën;