PSA, Fiat Chrysler agree to merge: joint statement

Paris: French car maker PSA and US-Italian rival Fiat Chrysler have signed an agreement to create the world’s fourth largest automaker, they said in a joint statement on Wednesday.

“Fiat Chrysler Automobiles and Peugeot SA (Groupe PSA) have today signed a binding combination agreement providing for a 50/50 merger of their businesses to create the fourth largest global automotive original equipment manufacturer by volume and third largest by revenue,” the statement said, adding that the tie-up would not involve any plant closures.