The terms of the deal also include the spinoff of Faurecia, the Global Tier 1 company currently owned by PSA. Shareholders of the group will remain a 46 percent share of the company. John Elkann, Chairman of FCA, has shown its confidence that the merger will help both groups to achieve a target of €3.7 billion (US$4 billion). The new group will be under the leadership of PSA's current CEO, Carlos Tavares, while John Elkann will act as Chairman. In December 2019, FCA and PSA had a combined market capitalization of around €42 billion (US$45.7 billion). The merger will boost the new group's competitiveness as it targets to save €$.7 billion (US$7.6 billion) a year without closing factories.