This post was originally published on this site
The boards of Peugeot maker PSA Group UG, +0.87% and rival Fiat Chrysler Automobiles FCAU, +1.52% on Tuesday backed a binding merger agreement that includes sweeteners to make the trans-Atlantic tie-up more attractive to U.S. regulators and PSA shareholders, according to people familiar with the discussions.
The two boards voted to sign a memorandum of understanding, fixing the financial terms of the deal and the corporate governance structure of the combined company, the people said.
The move marks an important step in solidifying a merger that was announced by the two auto makers in October. The tie-up aims to create a $50 billion auto giant that would rank among the world’s largest car companies by sales.
The move marks an important step in solidifying a merger that was announced by the two auto makers in October. The tie-up aims to create a $50 billion auto giant that would rank among the world’s largest car companies by sales.
An expanded version of this report can be found on WSJ.com
Also popular on WSJ.com:
You might be buying trash on Amazon—literally
Peter Thiel at center of Facebook’s internal divisions on politics
