NEWS： PSA group and Fiat Chrysler are accelerating merger negotiations
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The board of directors of FCA (fcau. N) and French car company PSA (peup. PA) agreed on Wednesday to seek a $50 billion merger, people familiar with the matter said. The deal could change the global car industry.
The two companies have yet to announce a formal agreement, and the deal could break down as executives delve into the details of the merger. But as of Wednesday night, the two companies are still making rapid progress toward the earliest Thursday morning announcement, the source said.
Potential selling points for investors include an estimated cost savings of 4 billion euros per year, according to sources familiar with the discussions.
The directors of EXOR NV (EXOR. Mi), the Italian Agnelli family holding company that actually controls Fiat Chrysler, also approved the move forward, according to people familiar with the matter.
Spokesmen for Fiat Chrysler and PSA (Peugeot Citroen) declined to comment on the timing.
Both companies are medium-sized automakers, facing technical and regulatory challenges. If combined, it will rise to be the fourth largest automobile manufacturing group in the world.
After the merger, Peugeot chief executive Carlos Tavares will lead the new company, with John Elkann as chairman of Fiat Chrysler, according to people familiar with the negotiations.
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