MILAN—The board of French carmaker PSA, the owner of Peugeot, approved a binding agreement for a $50 billion merger with rival Fiat Chrysler, a source close to the matter said on Dec. 17.
A separate Fiat Chrysler (FCA) board meeting was underway to discuss finalizing the memorandum of understanding to create the world’s No. 4 carmaker, the source added, in a deal that would reshape the global car industry.
