Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Photo: Aytac Unal/Anadolu Agency/Getty Images
Fiat Chrysler and Peugeot-maker PSA Group of France have agreed on a binding, 50-50 merger deal, the companies said in a joint statement Wednesday.
Why it matters: The merger would lead to the creation of the world’s fourth-largest automaker by volume and third largest by revenue, with annual sales of 8.7 million units and combined revenues of nearly $189 billion, according to the statement.
Details: Fiat Chrysler chairman John Elkann will be chair of the new company and PSA chief Carlos Tavares will be chief executive for an initial term of five years and he'll also be a board member, according to the statement.
By the numbers: The new firm would have a stock market value of approximately $46 billion, per Bloomberg.
- It would have annual unit sales of 8.7 million vehicles, with revenues of nearly €170 billion ($189 billion), the statement notes. That puts it "just behind Toyota, Volkswagen and the Renault-Nissan alliance," AP reports.
Background: News of Fiat Chrysler and PSA's merger talks first broke in late October.
- In June, Fiat Chrysler pulled out of a 50-50 merger offer with Renault as the deal couldn't get off the ground without the approval of the French government, a major shareholder in Renault.
Go deeper: Another marriage scuttled, Fiat Chrysler forges ahead
Editor's note: This article has been updated with new details throughout.