FCA and PSA going to merge

Italian FCA and French PSA have signed a binding agreement formalizing their merger, which they announced in October. The merger will result in the creation of the fourth largest automotive group in the world (after Toyota, Volkswagen and Hyundai-Kia), in which FCA and PSA will each have a 50% stake.
 
The merger is to be finalized within the next 12 to 15 months, after obtaining approvals from regulators and shareholders of both companies. The companies also said that as a result of the merger they would save €3.7 billion a year, but they are not planning to close any factories (PSA owns Opel, which has a factory in the Polish city of Gliwice).
 
In total, FCA and PSA sell 8.7 million cars a year. Currently, they are the world’s eighth and tenth largest car manufacturer respectively.
 
(300gospodarka)