(Fixes spelling of Patuanelli in paragraph 18) * FCA, Peugeot mandate boards to pursue binding agreement * Combination would create carmaker with 8.7 million vehicle sales * PSA’s Tavares to be CEO, FCA’s Elkann to be chairman * FCA shares jump as much as 11%, PSA’s slide as much as 14% By Giulio Piovaccari and Geert De Clercq MILAN/PARIS, Oct 31 (Reuters) – Fiat Chrysler and Peugeot owner PSA plan to join forces in a 50-50 share merger to create the world’s fourth-largest automaker, seeking scale to cope with costly new technologies and slowing global demand. Fiat Chrysler (FCA) and PSA said on Thursday they aimed to reach a binding deal to create a $50 billion group with listings in Paris, Milan and New York, and with PSA’s Carlos Tavares as chief executive and FCA’s John Elkann as chairman. It was less than five months ago that FCA abandoned merger talks with PSA’s French rival Renault and the move comes as carmakers grapple with a downturn in their markets as well as hefty investments in electric and self-driving vehicles. FCA would get access to PSA’s more modern vehicle platforms, helping it to meet tough new emissions rules, while Europe-focused PSA… Read full this story
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