Fiat Chrysler and Peugeot owner announce 50-50 merger

Fiat Chrysler Automobiles (FCA) and Peugeot owner PSA Group on Thursday announced a 50-50 merger, potentially creating the world's fourth-largest carmaker. The companies reportedly plan to reach a binding deal in the coming weeks to create a $50 billion group. The proposed tie-up plans to generate annual sales of 8.7 million vehicles and nearly $190 billion in revenue.