STLA Stellantis NV

By Eric Sylvers and Ben Dummett 

MILAN -- Peugeot maker PSA Group approached Fiat Chrysler Automobiles NV earlier this year about combining the two car makers, according to people familiar with the matter -- a pitch to create a $45 billion industry behemoth that would reposition both companies in the U.S. and Europe.

Fiat Chrysler rebuffed the pitch, as it had previous approaches by the French car maker, according to these people. Fiat Chrysler has said it is open to a big deal with another auto maker if it fits the company's objectives. Its controlling family, the Agnellis of Italy, however, is opposed to a deal that would include accepting a large proportion of PSA stock in any transaction, according to one of these people.

Peugeot, which has telegraphed its interest in finding a partner, would likely need to fund any deal in large part with stock in order to keep its debt in check, according to this person. PSA is still digesting its acquisition of General Motors Co.'s European business.

Executives at the two companies are no longer talking, according to people familiar with the matter. The approaches haven't been previously reported.

Fiat Chrysler declined to comment.

A Peugeot spokesman declined to comment specifically on any approach to Fiat. He said the two companies have a joint venture to make commercial vehicles, so executives are talking all the time about collaborations.

A spokesperson for the Agnelli family's holding company declined to comment.

--William Boston contributed to this article.

Write to Eric Sylvers at eric.sylvers@wsj.com and Ben Dummett at ben.dummett@wsj.com

(END) Dow Jones Newswires

March 22, 2019 14:06 ET (18:06 GMT)

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