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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fiat Chrysler and Peugeot sign deal for 50-50 mergerMILAN (AP) — Fiat Chrysler Automobiles and PSA Peugeot announced Wednesday that their boards signed a binding deal to merge the two automakers, creating the world’s fourth-largest auto... Hopefully they go down in flames Mechanics across the globe rejoice.
Source: AP - 🏆 728. / 51 Read more »
Fiat Chrysler Agrees Binding Merger With Peugeot Maker to Create $50 Billion Auto GiantPeugeot maker PSA and rival Fiat Chrysler Automobiles have agreed a binding merger terms that include sweeteners to make the trans-Atlantic tie-up more attractive to U.S. regulators and PSA shareholders. I like Peugeot Bicycles I had one in Paris ... pretty durable
Source: WSJ - 🏆 98. / 63 Read more »
Fiat Chrysler, Peugeot owner agree binding $50 billion merger dealFiat Chrysler and Peugeot maker PSA have reached a binding agreement over their roughly $50 billion merger that will reshape the global car industry. More here: Fiat will destroy PSA, mark my words. So PSA cars will have Fiat quality or Fiat Cars will have PSA quality? Not again... last mergers passed & we still on fossil fuel. More lay offs fatter pay check for CEOs.
Source: Reuters - 🏆 2. / 97 Read more »
Fiat Chrysler, Peugeot owner PSA agree binding merger dealFiat Chrysler and Peugeot maker PSA said on Wednesday they had agreed on a bindi... Money Moves ... Don't Quote Me. That's the end of Chrysler.
Source: Reuters - 🏆 2. / 97 Read more »