Fiat Chrysler and Peugeot expected to sign binding merger deal as soon as early-December: source By Reuters

Fiat Chrysler and Peugeot expected to sign binding merger deal as soon as early-December: source

Stock MarketsNov 02, 2019 08:37AM ET

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Fiat Chrysler and Peugeot expected to sign binding merger deal as soon as early-December: source

MILAN (Reuters) - Fiat Chrysler (MI:FCHA) and Peugeot owner PSA (PA:PEUP) aim to sign a final merger agreement as early as the beginning of next month, a source familiar with the matter said on Saturday.

The two automakers said earlier this week they planned to join forces in a 50-50 share merger to create the world's fourth-largest automaker, seeking scale to cope with costly new technologies and slowing global demand.

They said they aimed to reach a binding deal on the $50 billion merger "in the coming weeks".

The source said the two groups were at work to finalize all the merger details and they hoped to sign a binding memorandum of understanding in "three-four weeks".

"This means the final agreement should be signed by early December, or by Christmas at the latest," the source said, confirming a report published earlier on Saturday in La Stampa daily newspaper.

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Comments (2)

Grant Suckow Nov 02, 2019 1:40PM ET

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They would, if they could build cars that actually work. As of now, it just looks like 3 car companies trying to knock heads together to solve their bad reputation in car manufacturing. IMO

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Juho Peltola Nov 02, 2019 11:19AM ET

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Make cars, not shady deals. Build new technology by yourshelf, its not that expensive.

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Fiat Chrysler and Peugeot expected to sign binding merger deal as soon as early-December: source

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