It had been reported recently that Fiat Chrysler was in talks of a merger with PSA which is a group from France that owns Citroen, Peugeot and DS among other brands of cars. Now it has been reported through sources that a merger agreement has been reached..
Peugeot makers PSA group and Fiat Chrysler Autombiles have reached the terms of merger and it has been reported that if both the boards approve, it would make this merged company as the fourth largest auto making compnay in terms of volume as a value of over 48.4 billion.
On Friday, the board of Peugeot had approved this deal. The board meeting of Fiat Chrysler had been in progress still while Exor’s board which controls the italian-american auto manufacturer had been scheduled to meet later on the same day.
It has also been reported further that the CEO of Peugeot, Carlos Tavares is going to become the CEO of this new merged company and John Enlkann who is teh FCA chairman is going to become the merger’s chairman.
PSA and FSA had announced officially that talks were on in the morning.
Fiat Chrysler has also not commented and only referred to the statement it had made in the mornign according to which it was confirmed that there were attempts being made to by the PSA group and the FCA group to create what would be a leading mobility group in the world. FCA refused to add anything further.
PSA also confirmed that the discussion had started but only referred to their press release and refused add anything substantial about the deal.