Two global auto giants are coming together to create the world’s fourth-largest car maker. Fiat Chrysler and the makers of Peugeot branded cars PSA have agreed on a binding merger making $50 billion auto firm.

"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.

"No plant closures resulting from the transaction," the statement added.

Volkswagen, Renault-Nissan-Mitsubishi and Toyota are the top-3 carmakers which combined produce nearly 9 million. PSA and FCA had announced their plans six weeks ago for a 50-50 share tie-up.

The deal is likely to close over the next 15 months with the headquarters in the Netherlands.&nbsp;While Fiat Chrysler would gain access to PSA's more modern vehicle platforms, helping it meet tough new emissions rules, PSA would benefit from profitable US business of Fiat Chrysler featuring brands such as Ram and Jeep.

Under the group, the sub-brands include Fiat, Jeep, Dodge, Ram, Chrysler, Alfa Romeo, Maserati, Peugeot, Opel and Vauxhall.&nbsp;

Ranging from mass and premium passenger cars and trucks and light commercial vehicles, the $50 billion deal will see the two mid-sized auto firms coming together and the tie-up will the ability to reshape the global industry.&nbsp;

The PSA-FCA&nbsp;merger is also aiming for annual cost savings of over $4 billion by combining technologies which will also help carmakers in saving steep costs to develop cleaner models as more stringent emission targets set in across the world.

Two global auto giants are coming together to create the world’s fourth-largest car maker. Fiat Chrysler and the makers of Peugeot branded cars PSA have agreed on a binding merger making $50 billion auto firm.

Two global auto giants are coming together to create the world’s fourth-largest car maker. Fiat Chrysler and the makers of Peugeot branded cars PSA have agreed on a binding merger making $50 billion auto firm. "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. "No plant closures resulting from the transaction," the statement added. Volkswagen, Renault-Nissan-Mitsubishi and Toyota are the top-3 carmakers which combined produce nearly 9 million. PSA and FCA had announced their plans six weeks ago for a 50-50 share tie-up. The deal is likely to close over the next 15 months with the headquarters in the Netherlands. While Fiat Chrysler would gain access to PSA's more modern vehicle platforms, helping it meet tough new emissions rules, PSA would benefit from profitable US business of Fiat Chrysler featuring brands such as Ram and Jeep. Under the group, the sub-brands include Fiat, Jeep, Dodge, Ram, Chrysler, Alfa Romeo, Maserati, Peugeot, Opel and Vauxhall. Ranging from mass and premium passenger cars and trucks and light commercial vehicles, the $50 billion deal will see the two mid-sized auto firms coming together and the tie-up will the ability to reshape the global industry. The PSA-FCA merger is also aiming for annual cost savings of over $4 billion by combining technologies which will also help carmakers in saving steep costs to develop cleaner models as more stringent emission targets set in across the world.

Fiat Chrysler, French carmaker PSA agree on mega merger

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Fiat Chrysler, French carmaker PSA agree on mega merger