Fiat Chrysler Automobiles, the world's eighth-largest automaker, completed the merger with PSA Group, a French multinational manufacturer of automobiles and motorcycles, in a $50bn merger of equals. Fiat Chrysler Chairman John Elkann will be Chairman and Peugeot CEO Carlos Tavares will be CEO of the merged company. Peugeot and Fiat Chrysler are expected to have six and five board seats respectively. The US and French Governments have been briefed on the deal. Peugeot paid $3.3bn to its shareholders from the sale of the Faurecia stake.