Leading automakers Fiat Chrysler Automobiles and Groupe PSA have agreed a $50 billion merger, creating the biggest automaker in Europe and the fourth-largest in the world in the process.
Completion of the proposed merger is expected to take place in 12-15 months, subject to regulatory requirements and approval by both companies’ shareholders.
Carlos Tavares, chairman of the managing board of Groupe PSA, says: “Our merger is a huge opportunity to take a stronger position in the auto industry as we seek to master the transition to a world of clean, safe and sustainable mobility and to provide our customers with world-class products, technology and services.
“I have every confidence that with their immense talent and their collaborative mindset, our teams will succeed in delivering maximized performance with vigor and enthusiasm.”
Mike Manley, CEO of FCA, added: “This is a union of two companies with incredible brands and a skilled and dedicated workforce.
“Both have faced the toughest of times and have emerged as agile, smart, formidable competitors. Our people share a common trait – they see challenges as opportunities to be embraced and the path to making us better at what we do.”