Fiat Chrysler Automobiles (FCA) and Peugeot S.A. (Groupe PSA) signed a binding Combination Agreement providing for a 50/50 merger of their businesses to create the fourth-largest global automotive OEM by volume and third largest by revenue. The combined company will have annual unit sales of 8.7 million vehicles. FCA designs, engineers, manufactures and sells vehicles in a portfolio of brands including Abarth, Alfa Romeo, Chrysler, Dodge, Fiat, Fiat Professional, Jeep, Lancia, Ram and Maserati. It also sells parts and services under the Mopar name and operates in the components and production systems sectors under the Comau and Teksid brands. FCA employs nearly 200,000 people. Groupe PSA, which employs 210,000 people, has five car brands: Peugeot, Citroën, DS, Opel and Vauxhall. It also provides a wide array of mobility and smart services under the Free2Move brand.

Completion of the proposed combination is expected to take place in 12-15 months subject to customary closing conditions.