- Title: PSA board signs off on Fiat Chrysler merger - source
- Date: 17th December 2019
- Summary: POISSY, FRANCE (FILE - FEBRUARY 18, 2014) (REUTERS) VARIOUS EXTERIORS OF PEUGEOT (PSA) FACTORY VARIOUS PEUGEOT AND CITROEN CARS AT PLANT CAR PARK VARIOUS OF NEW PEUGEOT CARS ON FREIGHT TRAIN READY TO BE TRANSPORTED
- Embargoed: 31st December 2019 18:53
- Keywords: Fiat Chrysler PSA business deal merger motors peugeot tie up
- Location: AUBURN HILLS, MICHIGAN AND BELVIDERE, ILLINOIS, UNITED STATES / POISSY, FRANCE / UNKNOWN LOCATION
- City: AUBURN HILLS, MICHIGAN AND BELVIDERE, ILLINOIS, UNITED STATES / POISSY, FRANCE / UNKNOWN LOCATION
- Country: Various
- Topics: Company News Markets,Economic Events
- Reuters ID: LVA002BAD7ZIL
- Aspect Ratio: 16:9
- Story Text: The board of French carmaker PSA, the owner of Peugeot, approved a binding agreement for a $50 billion merger with rival Fiat Chrysler, a source close to the matter said on Tuesday (December 17).
A separate Fiat Chrysler (FCA) board meeting was under way to discuss finalizing the memorandum of understanding to create the world's number four carmaker, the source added, in a deal that would reshape the global car industry.
Both companies declined to comment.
A source close to FCA had said earlier the two companies could announce the signing of a binding agreement early on Wednesday, followed by a conference call to explain further details later in the day.
The two mid-sized carmakers announced plans six weeks ago for a tie-up to help them deal with big challenges in the industry, including a global demand downturn and the need to develop costly cleaner cars to meet looming anti-pollution rules.
(Production: Rosalind Church)
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