Fiat Chrysler, Peugeot ink 50-50 merger, creating world’s third-largest automaker

Plans to solidify a nearly $50 billion deal creating the world’s third-largest automaker took shape late Wednesday with Fiat Chrysler and Peugeot owner PSA Group providing details of their proposed merger, multiple news outlets reported.

In a joint statement, the companies confirmed the 50-50 merger should be complete within 12 t0 15 months, pending regulatory and shareholder approval, CNN reported.

The deal, the network reported, is expected to defray the cost of developing electric and autonomous vehicles while also helping the mid-sized automaker compete more effectively with larger players in the market.

According to The Detroit News, the merger between Italy's Agnelli clan and the Peugeots of France should yield a stock market value of $46 billion, meaning it will surpass Ford Motor Co. and rival Germany's Volkswagen AG more directly.

Once completed, the combined company is expected to employ 410,000 and generate estimated annual revenue of $190 billion, CNN reported.