(RTTNews) - In response to recent media reports on a possible business combination between Groupe PSA (PEUGF.PK) and FCA Group, Fiat Chrysler Automobiles N.V. (FCAU) confirmed ongoing discussions between the two companies, but also said it has nothing further to add at this time.
In a separate statement, Groupe PSA also confirmed ongoing discussions between the two companies. Groupe PSA is the owner of the Peugeot and Opel brands.
Fiat Chrysler and Groupe PSA Group reportedly held talks over a potential merger in a deal that could create a $50 billion auto giant. According to the Wall Street Journal, both the companies are discussing about an all-share merger of equals.
Peugeot Chief Executive Carlos Tavares would reportedly lead the combined auto maker as its CEO, while John Elkann, FCA chairman, will become the Chairman of the combined entity.
Fiat Chrysler had earlier this year tried to merge with another French automaker Renault SA. However, the company dropped the plans later.
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