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Fiat Chrysler, Peugeot owner PSA agree binding merger deal

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Fiat Chrysler and Peugeot maker PSA said on Wednesday they had agreed on a bindi...

) said on Wednesday they had agreed on a binding merger agreement, in a $50 billion deal that will pave the way to the creation of the world’s fourth-largest carmaker.

Before the 50-50 share merger is completed, one of PSA’s shareholders, China’s Dongfeng Motor Group , will trim its 12.2% stake in the French carmaker by selling 30.7 million shares to PSA, they added.Additional reporting by Joe White and Sudip Kar-Gupta; Editing by Sarah White

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