Deal between Italian- and French-run firms creates industry’s fourth-biggest carmaker
The boards of Fiat Chrysler Automobiles (FCA) and PSA Peugeot, which also owns the Vauxhall and Citroën brands, have approved a €40bn (£35bn) merger of the two companies that will create the world’s fourth-biggest carmaker.
The Italian and French companies said the 50-50 merger will create a company with annual car sales of 8.7m vehicles, revenues of €170bn (£146bn) and operating profits of more than €11bn. It is expected to generate cost-savings and other benefits of €3.7bn – without any factory closures, the companies said.
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