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Second time’s a charm for Fiat Chrysler

Fiat Chrysler and the parent company of Peugeot announced this morning that they have agreed to merge. It would create one of the world’s biggest automakers at a time when the industry sees bigger as better — and necessary for survival.

Combined, the two companies sell 8.7 million vehicles per year, generating nearly 170 billion euros, or $190 billion, in revenue and €11 billion in operating profit. That would make the new company slightly bigger than G.M., trailing only Volkswagen, Toyota and the Renault-Nissan alliance in terms of vehicle production.

What the all-stock transaction involves:

• Shareholders of each automaker would own 50 percent of the combined company.

• Peugeot’s C.E.O., Carlos Tavares, would hold that role in the new business for five years, while Fiat’s chairman, John Elkann, would keep that title.