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Fiat Chrysler Automobiles and PSA Group have confirmed merger plans that would create the world’s 4th biggest car group.

Valued at approximately $50 billion, the potential merger would bring together some of the world’s most well-known brands, such as Fiat, Alfa Romeo, Maserati, Jeep, Peugeot, Citroën and Opel. 

In a press statement, they stated that the Chief Executive Officer of the combined group would be the current Groupe PSA head Carlos Tavares. He will serve for an initial term of five years and he would also be a member of the Board.

Mike Manley, CEO of Fiat Chrysler Automobiles, says: “I’m delighted by the opportunity to work with Carlos and his team on this potentially industry-changing combination. We have a long history of successful cooperation with Groupe PSA and I am convinced that together with our great people we can create a world class global mobility company.”

Carlos Tavares, CEO of Groupe PSA, adds: “This convergence brings significant value to all the stakeholders and opens a bright future for the combined entity. I’m pleased with the work already done with Mike and will be very happy to work with him to build a great company together.”

The new group’s parent company would be listed on Euronext (Paris), the Borsa Italiana (Milan) and the New York Stock Exchange and would continue to maintain significant presences in the current operating head-office locations in France, Italy and the U.S.

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