Fiat board approves merger agreement with Peugeot - source

 Fiat board approves merger agreement with Peugeot - source

MILAN (Reuters) - The board of Italian-American carmaker Fiat Chrysler Automobiles approved a memorandum of understanding for a merger with French rival PSA Peugeot , a source close to the matter said.

The board of PSA, which owns Peugeot, had earlier approved a binding agreement paving the way for a $50 billion tie-up to create the world's number four carmaker.

Fiat's own board meeting, which ended late on Tuesday, also approved the deal, the source said.

(Reporting by Giulio Piovaccari, writing by Silvia Aloisi)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

Updated Date: Dec 18, 2019 04:06:28 IST