Fiat Chrysler and Peugeot owner PSA agree to merge to create the world's 4th biggest carmaker
on Wednesday that the two auto giants will merge, creating the fourth-largest automaker in the world.
The two auto giants in October confirmed talks to combine — today's announcement includes the fine print, detailing the make-up of the combined entity. Fiat Chrysler had previously looked to merge with GM in 2015, which ultimately failed. Completion of the proposed combination is expected in 12 to 15 months. John Elkann will become group chairman, while Carlos Tavares will be group CEO. Fiat Chrysler CEO Sergio Marchionne died last year.
The merger means that the new company will overtake Ford in terms of value, as well as give Peugeot presence in North America.
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