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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.

Go deeper

Biden taps Brian Deese to lead National Economic Council

Brian Deese (L) in 2015 with special envoy for climate change Todd Stern (C) and Secretary of State John Kerry (R). Photo: Mandel Ngan/AFP via Getty Images

President-elect Joe Biden announced Thursday that he has selected Brian Deese, a former Obama climate aide and head of sustainable investing at BlackRock, to serve as director of the National Economic Council.

Why it matters: The influential position does not require Senate confirmation, but Deese's time working for BlackRock, the world's largest asset manager and an investor in fossil fuels, has made him a target of criticism from progressives.

Felix Salmon, author of Capital
33 mins ago - Economy & Business

The places regulation does not reach

Illustration: Aïda Amer/Axios

Financial regulation is not exactly simple anywhere in the world. But one country stands out for the sheer amount of complexity and confusion in its regulatory regime — the U.S.

Why it matters: Important companies fall through the cracks, largely unregulated, while others contend with a vast array of regulatory bodies, none of which are remotely predictable.

1 hour ago - Economy & Business

Boeing gets huge 737 Max order from Ryanair, boosting hope for quick rebound

Ryanair low cost airline Boeing 737-800 aircraft as seen over the runway. Photo by Nik Oiko/SOPA Images/LightRocket via Getty Images

Dublin-based Ryanair said it would add 75 more planes to an existing order for Boeing's 737 Max airplanes, a giant vote of confidence as Boeing seeks to revive sales of its best-selling plane after a 20-month safety ban following two fatal crashes.

The big picture: Ryanair's big order, on the heels of breakthrough vaccine news, is also a promising sign that the devastated airline industry might recover from the global pandemic sooner than expected.

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