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Peugeot owner in merger talks with Fiat Chrysler | |
(about 7 hours later) | |
PSA Group, the French owner of Peugeot, is exploring a merger with its US-Italian rival Fiat Chrysler, it has confirmed. | |
A deal between the two carmakers would create a business with a combined market value of nearly $50bn (£39.9bn). | A deal between the two carmakers would create a business with a combined market value of nearly $50bn (£39.9bn). |
This is Fiat Chrysler's second attempt at a merger this year after it pulled out of an agreement with Renault in June. | |
Fiat Chrysler shares jumped 7.5% on Wall Street. | Fiat Chrysler shares jumped 7.5% on Wall Street. |
The potential merger would face significant political and financial hurdles. | |
Discussions remain in the early stages and there is no guarantee of a final deal. | |
However, if the two companies do combine, PSA chief executive Carlos Tavares is expected to lead the enlarged group. | However, if the two companies do combine, PSA chief executive Carlos Tavares is expected to lead the enlarged group. |
John Elkann, Fiat Chrysler's chairman and the head of Italy's Agnelli industrial dynasty which controls the business, would retain the same position at the new company. | John Elkann, Fiat Chrysler's chairman and the head of Italy's Agnelli industrial dynasty which controls the business, would retain the same position at the new company. |
A merger of the two groups would bring a number of brands under one roof including Alfa Romeo, Citroen, Jeep, Opel, Peugeot and Vauxhall. | A merger of the two groups would bring a number of brands under one roof including Alfa Romeo, Citroen, Jeep, Opel, Peugeot and Vauxhall. |
The talks come months after a proposed tie-up between Fiat Chrysler and French carmaker Renault collapsed. | The talks come months after a proposed tie-up between Fiat Chrysler and French carmaker Renault collapsed. |
Fiat Chrysler had described its bid for Renault as a "transformative" proposal that would create a global automotive leader. | Fiat Chrysler had described its bid for Renault as a "transformative" proposal that would create a global automotive leader. |
Industry shifts toward electric models, along with stricter emissions standards and the development of new technologies for autonomous vehicles, have put increasing pressure on carmakers to consolidate. | Industry shifts toward electric models, along with stricter emissions standards and the development of new technologies for autonomous vehicles, have put increasing pressure on carmakers to consolidate. |