Peugeot

An iconic Detroit automaker is merging with another European auto company.

Shareholders of Fiat Chrysler and PSA Peugeot decisively voted Monday to merge the U.S.-Italian and French carmakers. The deal has been in the works for more than a year.

Update: October 31, 2019 The boards of Fiat Chrysler and PSA Peugeot have approved merging the two companies in a move that would create the world's fourth-largest automaker. The companies have combined revenues of more than $188 billion. The 50-50 merger is expected to happen without any factory closures. 

General Motors is forming an alliance with French carmaker Peugeot to help the company make progress in getting to a breakeven point in Europe. 

GM made a record profit last year, but it was no thanks to Europe, where the company lost $700 million.  

The limited alliance with Peugeot will involve the joint development of some car platforms and joint parts purchasing. 

The companies estimate it will save a total $2 billion within a few years.

GM CEO Dan Akerson says the two companies will continue to compete in other areas.