PSA and Fiat Chrysler unveil merger of equals

Paris: Peugeot-maker PSA and Fiat Chrysler unveiled Thursday a plan for a 50-50 merger of their operations they said would generate billions in savings without factory closures as it creates the world's fourth-largest car manufacturer.

The merger, which the firms said will result in a company with combined sales of nearly 170 billion euros ($190 billion) per year and 11 billion euros of operating profits, would help produce the scale needed in an industry facing slowing demand and which must invest billions to develop electric vehicles.