Fiat Chrysler (FCA) and the Peugeot owner, Groupe PSA announced a merger on Thursday that will make it the fourth largest carmaker of the world.

The merger will have 50% shareholders from PSA, and the other half from FCA, according to a joint statement.

“The proposed combination would create the 4th largest global OEM in terms of unit sales (8.7 million vehicles), with combined revenues of nearly €170 billion ($200 billion) and recurring operating profit of over €11 billion ($13 billion) on a simple aggregated basis of 2018 results,” it noted.

Read more: Automobile giants Fiat Chrysler, PSA announce merger