Fiat, PSA announce merger

PHILIPPE HUGUEN, STAN HONDA, MARCO BERTORELLO / AFP

The world's fourth largest car company has been born.

It's been confirmed that Fiat Chrysler will merge with Peugeot's owner PSA.

The details of the 50-50 merger are yet to be finalized.

However experts say the joining of the two companies will provide substantial cost savings for both sides.

More from Business

  • Emirates unveils first A350 aircraft

    Emirates Airline has marked the delivery of the first of its A350 fleet with a special unveiling ceremony at its headquarters in Dubai on Wednesday.

  • Trump tariffs would deal blow to US automakers

    US President-elect Donald Trump's plan to slap a 25 per cent tax on all imports from Mexico and Canada could strike the bottom lines of US automakers, especially General Motors, and raise prices of SUVs and pickup trucks for US consumers.

  • T-Mobile, SpaceX approved to extend coverage to dead zones

    The Federal Communications Commission (FCC) has approved a license for T-Mobile and Elon Musk's SpaceX Starlink unit to provide supplemental coverage from space in a bid to extend internet access to remote areas.

  • Disney settles suit over women's pay for $43 million

    Walt Disney has agreed to pay $43.3 million to settle a lawsuit alleging that its female employees in California earned $150 million less than their male counterparts over an eight-year period, the plaintiffs' lawyers said in a statement on Monday.

  • Etihad Airways adds ten new destinations for 2025

    UAE carrier Etihad Airways is set to introduce ten new destinations starting in 2025, expanding its global presence as it brings tens of thousands of new visitors to the capital.