Fiat, PSA management boards sign off on $50 billion merger



by   |  VIEW 243

Fiat, PSA management boards sign off on $50 billion merger

On Tuesday, the 17th of December 2019, management board members of French auto industry giant Peugeot-maker Groupe PSA alongside Italian-American carmaker Fiat Chrysler Automobiles NV, had approved a binding agreement on FCA-PSA $50 billion merger deal in separate meetings, at least three people directly briefed over the subject-matter had unveiled on Tuesday, the 17th of December 2019.

In point of fact, latest development over a $50 billion Fiat-PSA merger deal which in effect would create the world’s fourth-largest automaker by assets came forth about one and a half months after the mid-capped carmakers had unleashed their plans of a potential tie-up, which has every wherewithal to alter the landscape of a global automaking industry that had been scuffling over the recent months amid a steep downward spiral in auto sales.

Although, neither London-based FCA, nor the French Groupe PSA had commented over the subject-matter while being asked on Tuesday (December 17th), however, one of the three sources close to Fiat Chrysler was quoted saying late on Tuesday (December 17th) that a formal announcement of the merger deal could come forth as early as on Wednesday (December 18th) which would be followed by a post-announcement conference call later part of the day.