Fiat-Chrysler and Peugeot owner PSA said in separate statements on Wednesday they were holding discussions aimed at creating one of the world’s leading auto makers For more business news, follow ReutersBiz
) over a potential tie-up that could create a $50 billion car giant gathered pace on Wednesday, with one source saying a deal could be announced as early as Thursday.
Peugeot would spin off its stake in auto parts maker Faurecia valued at around 3 billion euros while Fiat Chrysler could dispose of its stake in factory robot maker Comau valued at about 250 million euros, these people said. Final terms of the agreement could change and have not been formally disclosed, they said.
Milan-listed shares in FCA rallied more than 10% on Wednesday, after ending up more than 7.5% on Tuesday in New York. Peugeot share rose more than 6% to hit their highest in more than 11 years. France’s dithering over FCA’s pursuit of Renault - in which it is also a shareholder - contributed to the collapse of that merger plan.
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