October 30, 2019 / 7:10 PM / 12 days ago

PSA CEO Tavares gets board's green light to pursue FCA merger: source

FILE PHOTO: Carlos Tavares, Chief Executive Officer and Chairman of the Managing Board of PSA Group, attends a news conference to announce the company's 2018 results at their headquarters in Rueil-Malmaison, near Paris, France, February 26, 2019. REUTERS/Christian Hartmann/

PARIS (Reuters) - The supervisory board of Peugeot maker PSA (PEUP.PA) agreed on Wednesday to give Chief Executive Carlos Tavares the go-ahead to pursue a merger with Italy’s Fiat Chrysler (FCHA.MI), a source familiar with the matter said.

Under a proposed scheme discussed at a PSA meeting, the combined group would have an 11-person board, with six members coming from Peugeot including Tavares, and five from FCA including Chairman John Elkann, two other sources said earlier.

Tavares was the driver of the FCA approach, three sources familiar with the matter told Reuters.

Reporting by Sarah White and Gwenaelle Barzic, Editing by Chris Reese

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