Chairman and CEO of Exor and Chairman of Fiat Chrysler Automobiles John Elkann attends an investors day held by the holding group of Italy’s Agnelli family in Turin, Italy November 21, 2019. REUTERS/Massimo Pinca
TURIN, Italy (Reuters) – Fiat Chrysler Chairman John Elkann said on Thursday he was confident the group would finalize its tie-up with Peugeot owner PSA this year and dismissed concerns about a lawsuit launched by rival General Motors.
“Judging from how both the FCA and PSA teams are working, I’m confident in saying that a binding memorandum will be signed by the end of the year,” he told reporters in Turin.
He said the group was not worried by a lawsuit from General Motors, accusing Fiat Chrysler of bribing United Auto Workers (UAW) union officials over many years to corrupt the bargaining process, saying the allegations were baseless.
Reporting by Giulio Piovaccari, writing by James Mackenzie, editing by Valentina Za