US-Italian corporation Fiat Chrysler Automobiles and French automotive manufacturer Peugeot agreed on a merger deal to create the fourth-largest carmaker by output in the world, the companies announced in a press release on Wednesday
MOSCOW (Pakistan Point News / Sputnik - 18th December, 2019) US-Italian corporation Fiat Chrysler Automobiles and French automotive manufacturer Peugeot agreed on a merger deal to create the fourth-largest carmaker by output in the world, the companies announced in a press release on Wednesday."Fiat Chrysler Automobiles N.V. ("FCA") ... and Peugeot S.A. ("Groupe PSA") have today signed a binding Combination Agreement providing for a 50/50 merger of their businesses to create the 4th largest global automotive OEM [original equipment manufacturer] by volume and 3rd largest by revenue. The proposed combination will be an industry leader with the management, capabilities, resources and scale to successfully capitalize on the opportunities presented by the new era in sustainable mobility," the press release said.
It further stated that combined revenues would stand at nearly 170 billion Euros ($189 billion).
The proposals for the merger were announced for the first time in October.
Fiat Chrysler Automobiles is a global automaker that includes Alfa Romeo, Chrysler, Dodge, Fiat, Maserati and other known brands. Peugeot SA includes Peugeot, Citroen, DS, Opel and Vauxhall. Together, the companies employ 410,000 people around the globe.
