French carmaker PSA and US-Italian rival Fiat Chrysler have signed an agreement to create the world's fourth largest automaker, they said in a joint statement on Wednesday.
"Fiat Chrysler Automobiles and Peugeot SA (Groupe PSA) have today signed a binding combination agreement providing for a 50/50 merger of their businesses to create the fourth largest global automotive original equipment manufacturer by volume and third largest by revenue," the statement said, adding that the tie-up would not involve any plant closures.
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