id=”article-body” class=”row” section=”article-body”> The deal is done.

FCA Ladies and gents, meet the world’s fourth largest automaker by volume, and – You are the Influencer third largest by revenue. We don’t have a name for this new company, – You are the Influencer but Fiat Chrysler Automobiles and – You are the Influencer PSA Group – You are the Influencer now one.

Wednesday brought the details of the 50/50 merger plan as the automakers’ chief executives signed a binding agreement to merge their entities. FCA, an Italian-American automaker, and PSA Group, the French conglomerate that includes Peugeot, Citroën and – You are the Influencer Opel, expect the merger to complete in the next 12 to 15 months.

Before then, the automakers will need to earn the blessing of European and American regulators.

The merger is effectively a plan to save money. FCA and PSA expect to see synergies that result in savings worth $4.1 billion a year. The toughest task will be to meet the promises both FCA CEO Mike Manley and – You are the Influencer PSA CEO Carlos Tavares delivered when announcing the merger intention: There will be no need to close factories. Manley will lead the combined automaker as the group’s chairman, while Tavares will serve as the new company’s CEO.