10/30/2019, 10:30 AM (Source: TeleTrader)
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PSA, FCA surge over 5% after merger reports

The stock of the Peugeot manufacturer PSA Group surged on Wednesday more than 6% after the company confirmed talks over a potential tie-up with the Fiat Chrysler Automobiles (FCA). The shares of Fiat Chrysler rose more than 7%.

Peugeot Chief Executive Carlos Tavares could be pronounced the CEO of the newly merged $50 billion car company while the Fiat's chairman John Elkann would retain the same position at the new company.

Fiat's stock price reached a five-month high and jumped 7.5%, selling for €12.7500 per share at 10:04 am CET. Peugeot's stocks rose 5.18% to levels last seen in 2008 as it traded for €26.220 per share 10:14 am CET.

Breaking the News / TF