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Thu Oct 31, 2019, 02:52 AM

Fiat Chrysler and Peugeot confirm deal to create the world's fourth-largest carmaker

Peugeot (PSA) and Fiat Chrysler (FCA) confirmed their intention to merge on Thursday, in what would be a 50-50 share swap and create the world’s fourth-largest carmaker.

The new company’s shares will be listed in New York, Paris and Milan with FCA’s John Elkann becoming the chairman and Peugeot’s Carlos Tavares becoming the CEO.

“Discussions have opened a path to the creation of a new group with global scale and resources owned 50% by Groupe PSA shareholders and 50% by FCA shareholders,” they said in a statement.

“In a rapidly changing environment, with new challenges in connected, electrified, shared and autonomous mobility, the combined entity would leverage its strong global R&D footprint and ecosystem to foster innovation and meet these challenges with speed and capital efficiency.”

he PSA board approved the merger and the Fiat Chrysler board met Wednesday. Executives have briefed regulators in the U.S. and France, the Wall Street Journal reported, citing unnamed sources.



https://www.cnbc.com/2019/10/31/fiat-chrysler-and-peugeot-confirm-deal-to-merge.html

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