VALUE CREATION THROUGH M&A: AUTOMOTIVE INDUSTRY AND STELLANTIS CASE

Mergers and acquisitions (M&A) have traditionally represented one of the favourite ways for the automotive firms to pursue growth and development goals. Considering the diffused M&A deals, the issue of whether value creation or destruction is generated from such activities still creates controversy in the literature. This thesis contributes to this discussion and answers such a relevant question, considering the case of Stellantis, born from the merger between FCA and PSA. The research is prefaced with an overview of the automotive industry evolution, considering historic events, current market dynamics, and prospects, competitive scenario, and recent trends. Further on, it identifies those factors contributing to value creation and those leading to value destruction. It then proceeds to the empirical analysis of Stellantis, trying to find out the strategic logical reason behind its creation and if value has been actually created by the merger. Through this investigation, the thesis seeks to provide a clear answer to the research question: does Stellantis create or destroy value?