November 26, 2019 / 6:21 AM / 15 days ago

Fiat Chrysler, PSA tell employees they will sign merger agreement in coming weeks

FILE PHOTO: The logos of car manufacturers Fiat and Peugeot are seen in front of dealerships of the companies in Saint-Nazaire, France, November 8, 2019. REUTERS/Stephane Mahe

MILAN/PARIS (Reuters) - Fiat Chrysler (FCHA.MI) and Peugeot-owner PSA (PEUP.PA) told their employees they would sign a binding merger agreement in coming weeks.

In two separate communications through internal channels, obtained by Reuters on Tuesday, the two groups told employees that more than 50 people were involved in the process.

FCA and PSA are in talks to finalise a merger that would create the world’s fourth-largest carmaker.

Nine working groups were established, led by FCA Group Treasurer and Global Head of Business Development David Ostermann, and by PSA Executive Vice President Program and Strategy Olivier Bourges, the documents added.

FCA Chariman John Elkann last week said he was not worried by a shock lawsuit from General Motors (GM.N) and that he was confident of reaching a binding merger deal with Peugeot owner PSA by the end of this year.

Reporting by Giulio Piovaccari in Milan, Gilles Guillaume in Paris; Editing by Tom Hogue and Stephen Coates

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