Kim & Chang represented French automaker Peugeot S.A. (“PSA”) in obtaining unconditional clearance from the Korean Fair Trade Commission (the “KFTC”) for its proposed merger with multinational automotive group Fiat Chrysler Automobiles N.V. (“FCA”), contributing to the creation of the fourth largest global automotive OEM by volume and third largest by revenue.  This was a large-scale transaction that required the approval of multiple antitrust authorities across the world.  Through organic cooperation with both parties, we managed to swiftly obtain approval, and Korea became the second jurisdiction to clear the deal, only after Israel. 

As PSA and FCA had businesses in the finished vehicle, auto parts and manufacturing equipment markets, the proposed transaction required close review from all perspectives (conglomerate merger issues as well as both vertical and horizontal), which required detailed understanding of the businesses and industry and the expertise in analyzing merger control issues involved.  In particular, the KFTC showed significant interest in the merger of the parties’ auto parts and finished vehicles businesses, given the importance of these industries in Korea.  Our team, through in-depth analysis of the relevant industries, demonstrated that the proposed transaction would not raise any anti-competitive concerns in the Korean market, and managed to successfully obtain the KFTC’s clearance without conditions.