Alongside its China joint operation partner, Linklaters, Zhao Sheng Law Firm (Zhao Sheng) advised Groupe PSA (PSA) on its merger with Fiat Chrysler Automobiles (FCA) to obtain antitrust clearance from more than 20 jurisdictions, including China, the European Union and the USA, and assisted in the successful closing of the transaction.
Following the 50/50 merger between PSA and FCA, a new company, Stellantis, was established. Stellantis, is now the world’s fourth largest automobile manufacturer, owning 14 brands including Abarth, Alfa-Romeo, Chrysler, Citroën, Dodge, DS, Fiat, Jeep, Lancia, Maserati, Opel, Peugeot, Ram and Vauxhall, and has an annual output of more than 8.7 million vehicles, and an annual sales volume of over €170bn.
Zhao Sheng assisted in obtaining unconditional approval from the State Administration for Market Regulation, while Linklaters’ global competition team, comprising members from the firm’s Paris, Brussel and Washington offices, assisted in obtaining approval from the European Commission and the US Federal Trade Commission for the transaction, which included proposing and negotiating a remedy plan addressing the competition concerns raised by the European Commission.
The Zhao Sheng team was led by competition partner Vivian Cao, with support from managing associate Larry Zhou.
The successful closing of this transaction consolidates Zhao Sheng’s long-standing reputation for providing a seamlessly integrated one-stop-shop for Chinese and international legal advice through its joint operation, Linklaters Zhao Sheng.