Fiat Chrysler, Peugeot Decide To Withhold 2019 Dividend Payout

The boards of automakers Fiat Chrysler Automobiles N.V. and Peugeot S.A said on Wednesday it would not pay ordinary dividend for 2019 this year due to a collapse in consumer demand resulting from the COVID-19 pandemic.

The health crisis has thrown the global auto industry into the worst tailspin since the 2008-09 financial crisis. Consumer demand for vehicles has plummeted as governments across Europe and the United States have enforced lockdowns.

The two companies also confirmed that preparations for their merger are advancing with respect to antitrust and other regulatory filings.