Business: A Curious Engagement

Big mergers have proved disappointing lately for such huge European companies as Dunlop Pirelli and British Leyland, but France's second and third biggest auto makers remain undaunted. Last week Peugeot and Citroën announced a kind of corporate engagement. Financial terms and most other aspects of the proposed merger were left vague by the companies' spectacularly uninformative statement, but one thing is clear: the merged firm will be a giant. Sales of the two companies now total about $4 billion a year, a figure running fender-to-fender with Daimler-Benz and outranked in the European...

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