The boards of Italian-American Fiat Chrysler Automobiles and French PSA Peugeot on Wednesday signed a binding merger deal creating the world’s fourth-largest auto company with the scale to confront the challenges of stricter emissions regulations and the transition to new driving technologies.
The executives said they expect the deal to take 12 to 15 months to close. It will give birth to a group with revenues of roughly $189 billion and producing 8.7 million cars a year – just behind Toyota, Volkswagen and the Renault-Nissan alliance.The merger is expected to create 3.7 billion euros in annual savings, which will be invested in "the new era of sustainable mobility'' and to meet strict new emissions regulations, particularly in Europe.
“There is room for sharing significant amount of existing platforms and avoiding excess investments for the future,” Tavares said. The French government helped bail out PSA Peugeot in 2014 and owns a 12-percent stake in the French company through the state investment bank.
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