Fiat Chrysler and France’s PSA, the owner of Peugeot, have struck a merger pact that would create the world’s fourth-largest carmaker by output with combined revenues of €170bn.
The two companies said they had signed a binding “combination agreement” for a tie-up that would result in an “industry leader” with greater scale and ability to invest in new technologies. Shareholders of each group would hold 50 per cent ownership in the new entity.
The deal would reshape the automotive industry as it undergoes a period of transformation, with significant expenditure required for the development of electric vehicles and self-driving systems.
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