Peugeot and Fiat Chrysler confirmed their plan to merge today, in what would create the 4th largest automaker by sales with a combined worth of $48 billion dollars.
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. The proposed tie-up would reportedly create an industry behemoth with 8.7 million vehicle sales, $190 billion in turnover and a combined 400,000 employees.
By vehicle sales, Volkswagen Group, Renault-Nissan, and Toyota occupied the top three spots of the world's leading automakers in 2018,"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 rapidly changing environment, with new challenges in connected, electrified, shared and autonomous mobility, the combined entity would leverage its strong global R&D...
Early reports of the merger talks — which would create a new group worth roughly $50 billion — have moved share prices for both automakers this week. Italian-American carmaker Fiat Chrysler saw its stock and added another 5% on Wednesday. Peugeot shares actually fell 8.8% as markets opened in Europe on Thursday.Executives at the firms have briefed regulators in the U.S. and France, the Wall Street Journal reported, citing unnamed sources. The confirmation of the deal comes about five months after Fiat Chrysler ended merger discussions with PSA's French rival,
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