Fiat Chrysler and Peugeot announce 50-50 merger for sustainable mobility

The Supervisory Board of Peugeot and the Board of Directors of Fiat Chrysler Automobiles have each unanimously agreed to work towards a full combination of their respective businesses by way of a 50-50 merger.

Both boards have given the mandate to their respective teams to finalise the discussions to reach a binding MoU in the coming weeks.

The proposed combination would create the fourth largest global OEM in terms of unit sales, with combined revenues of nearly €170 billion.

Carlos Tavares, CEO of Groupe PSA, said: “This convergence brings significant value to all the stakeholders and opens a bright future for the combined entity. I’m Mike Manley, and will be very happy to work with him to build a great company together.”

Mike Manley, CEO of Fiat Chrysler, said: “I’m delighted by the opportunity to work with Carlos and his team on this potentially industry-changing combination.”

“We have a long history of successful cooperation with Groupe PSA and I am convinced that together with our great people we can create a world class global mobility company.”