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MILAN (Reuters) – Shares in Fiat Chrysler (FCA) rose acutely in Milan on Tuesday afterwards the car maker and French accomplice PSA revised the agreement of their alliance deal, with FCA’s shareholders accepting a abate banknote payout but a pale in addition business.

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FCA and PSA, which aftermost year agreed to absorb to accordance bearing to Stellantis, the world’s fourth bigger car manufacturer, said backward on Monday they had adapted the accordance to conserve banknote and bigger face the COVID-19 claiming to the auto sector.

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Milan-listed shares in Fiat Chrysler rose about 8% by 1000 GMT, while PSA acquired 1.5%.

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Under the revised terms, FCA will cut from 5.5 billion euros ($6.5 billion) to 2.9 billion euros the banknote allocation of a appropriate allotment its shareholders are set to accept on cessation of the merger.

However, PSA will for its allotment adjournment the planned aftereffect of its 46% pale in car genitalia maker Faurecia until afterwards the accordance is finalised. That agency all Stellantis shareholders – and not aloof the accepted PSA investors – will get shares in a aggregation which has a bazaar amount of 5.8 billion euros.

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Based on Stellantis’ 50-50 buying structure, FCA and PSA corresponding shareholders will anniversary accept a 23% pale in Faurecia.

Analysts accustomed the 2.6 billion euros in added clamminess for Stellantis’ antithesis area as able-bodied as the access in projected synergies to added than 5 billion euros from 3.7 billion.

There was additionally added advance as the two companies accepted they accepted the accordance to abutting by the end of the aboriginal division of 2021.

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“All told, the two players appear as winners,” agent ODDO BHF said in a note.

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“Of the two, FCA ability be a bit added of a champ in the abbreviate appellation accustomed the anatomy of the accordance and the abundant payouts to shareholders to appear in the abode advanced (potentially abutting to 5 billion euros against the accepted assets of about 16 billion euros).”

The appropriate allotment for FCA shareholders had accepted advancing afterwards Italy offered accompaniment guarantees for a 6.3 billion euro accommodation to the company’s Italian business.

“These announcements should, at last, end the agitation over the banking agreement of the merger, which had become a big affair and was still chastening the two groups’ allotment performances,” ODDO BHF said.

PSA and FCA said they would accede advantageous out 500 actor euros to shareholders in anniversary close afore closing or abroad a 1 billion euro payout to Stellantis shareholders afterwards, depending on bazaar altitude and aggregation achievement and outlook.

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Both companies accept this year scrapped allotment payments on 2019 results, anniversary account 1.1 billion euros, as the area grapples with the communicable which has beatific car sales plunging.

FCA CEO Mike Manley had said aftermost anniversary he and PSA CEO Carlos Tavares were acquainted of the charge for the two firms to get to the alliance with the arch antithesis area possible.

“It was a adventuresome and astute move by administration accustomed the charge to adhere on to liquidity,” Roberto Lottici, armamentarium administrator at Banca Ifigest in Milan, said.

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Reporting by Giulia Segreti in Rome, Giancarlo Navach and Stephen Jewkes in Milan, Sudip Kar-Gupta and Gwenaelle Barzic in Paris; autograph by Valentina Za; Editing by Kirsten Donovan, Keith Weir and Jon Boyle

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