CCI gives green light to Fiat-Peugeot merger

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Trilegal advised Peugeot and Shardul Amarchand Mangaldas & Co (SAM) advised Fiat Chrysler Automobiles when the Competition Commission of India (CCI) gave its go-ahead on 4 June for the first merger filing of two companies under the commission’s e-filing regime introduced in April.

India is one of 19 jurisdictions where competition approval is needed for the US$47 billion merger, which was signed on 17 December 2019.

Trilegal led the drafting and filing of the merger control application along with Linklaters, the international legal counsel for Peugeot. Trilegal’s team was led by its competition law head and partner, Nisha Kaur Uberoi. Linklaters’ team was led by its Paris-based competition partner, Anne Wachsmann.

Uberoi told India Business Law Journal the firm is “delighted to have represented Peugeot in obtaining an unconditional merger clearance from the CCI”. Describing the commission’s e-filing procedures as “seamless” she said: “Despite the lockdown restrictions, the CCI has ensured that M&A activity is not impacted by expeditiously approving transactions.”

Uberoi has filed more than 250 merger notifications of the approximately 725 mergers that the CCI has cleared since merger controls began in June 2011.

Trilegal’s team included counsel Gautam Chawla, senior associate Shiv Johar, and associates Tanveer Verma, Gajendra Bhansali and Simran Kathuria. Partner Yogesh Singh, who co-heads the firm’s corporate practice, provided corporate law advice.

SAM’s team was led by competition law partners Harman Sandhu and Yaman Verma. Partner Raghubir Menon provided corporate law advice.

The global merger was expected to close 12 to 15 months after its signing. International law firms that advised include Bredin Prat as legal counsel to Peugeot; and Sullivan & Cromwell, De Brauw Blackstone Westbroek, and Darrois Villey Maillot Brochier as legal counsel to Fiat Chrysler.

The new group’s Dutch-domiciled parent company is to be listed in Paris, Milan and New York.