A Jeep Renegade 4x4 e is presented at the Geneva Motor Show March 5, 2019. Signage in the background says"'FCA Fiat Chrysler Automobiles," to which Jeep belongs.
Uli Deck | picture alliance | Getty Images
Peugeot (PSA) and Fiat Chrysler (FCA) confirmed their intention to merge on Thursday, in what would be a 50-50 share swap and create the world's fourth-largest carmaker.
The new company's shares will be listed in New York, Paris and Milan with FCA's John Elkann becoming the chairman and Peugeot's Carlos Tavares becoming the CEO.
"Discussions have opened a path to the creation of a new group with global scale and resources owned 50% by Groupe PSA shareholders and 50% by FCA shareholders," they said in a statement on Thursday morning.
"In a rapidly changing environment, with new challenges in connected, electrified, shared and autonomous mobility, the combined entity would leverage its strong global R&D (research and development) footprint and ecosystem to foster innovation and meet these challenges with speed and capital efficiency."
Early reports of the merger talks — which would create a new group worth roughly $50 billion — have moved share prices for both automakers this week. Fiat Chrysler stock surged as much as 8% on Tuesday and added another 5% on Wednesday.
The PSA board has already approved the merger and the Fiat Chrysler board met on Wednesday. Executives have briefed regulators in the U.S. and France, the Wall Street Journal reported, citing unnamed sources.
The confirmation of the deal comes about five months after Fiat Chrysler ended merger discussions with PSA's French rival, Renault. However, this new merger is unlikely to face the same interference from the French government with some positive comments already emanating from Paris.
—CNBC's Michael Wayland and Phil LeBeau contributed to this article.
https://www.cnbc.com/2019/10/31/fiat-chrysler-and-peugeot-confirm-deal-to-merge.html
2019-10-31 07:43:07Z
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