Fiat, PSA announce merger

PHILIPPE HUGUEN, STAN HONDA, MARCO BERTORELLO / AFP

The world's fourth largest car company has been born.

It's been confirmed that Fiat Chrysler will merge with Peugeot's owner PSA.

The details of the 50-50 merger are yet to be finalized.

However experts say the joining of the two companies will provide substantial cost savings for both sides.

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