Fiat Chrysler and Peugeot sign deal for 50-50 merger

Fiat Chrysler and PSA Peugeot finalize terms of merger, creating fourth-largest automaker with annual sales of 8.7 million cars.

MILAN — Fiat Chrysler Automobiles and PSA Peugeot announced Wednesday that their boards signed a binding deal to merge the two automakers, creating the world’s fourth-largest auto company.

No name for the new company has been decided, executives said in a conference call. Fiat Chrysler CEO Mike Manley will stay on, but it was not announced in what capacity.

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