By Martin Mou

China's Dongfeng Motor Group Co. (0489.HK) says it has voted in favor of the merger agreement between Peugeot S.A. (UG.FR) and Fiat Chrysler Automobiles N.V. (FCA.MI) at PSA's board meeting.

Dongfeng will also back future moves to complete the $50 billion tie-up, it said late Wednesday, following the signing of a binding agreement between Fiat Chrysler and PSA.

In a separate agreement with PSA, Dongfeng will sell 30.7 million PSA shares back to the French car maker, reducing its stake in the merged company to 4.5%.

Dongfeng and PSA also agreed to expand their global partnership, which includes extending their joint venture in China to 2037, Dongfeng said.

Write to Martin Mou at martin.mou@wsj.com

(END) Dow Jones Newswires

December 18, 2019 20:10 ET (01:10 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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