Sample quote

The two companies have highlighted a pledge to extract $4.1 billion (3.7 billion euro) in annual savings without closing plants. That suggested cuts elsewhere — on Wednesday the companies pointed to savings in vehicle platforms, purchasing scale, marketing, logistics and information technology — but Bailo said the FCA headquarters is a "great building (in a) great location."
End quote

Over and over again,
in all types of industries- not just automotive,
90% of the time these “Synergies” for saving money in huge mergers do not come true.
It is historical fact.

Sample quote
"Chrysler is the golden goose within FCA. It makes 100% of the profits. It will also be the most profitable part of PSA-FCA, and PSA will not want to screw that up. The merger could actually help the Chrysler brand, which is down to only two vehicles, the 300 (sedan) and Pacifica (minivan)," McElroy said.
End quote

Ram and Jeep “free cash flow” cannot support everything else worldwide, especially electric conversions of all powertrains.

The main “pro” of this merger is now
several governments will pony up money to save factory jobs
when a downturn comes.
That is actually a big survival advantage.

When the merger is complete and new stock is listed,
I predict the Agnelli heirs will
use the “honeymoon period” to sell off stock and diversify their wealth.

https://www.ft.com/content/01346274-5211-11e9-b401-8d9ef1626294