Fiat Chrysler Automobiles NV and rival Peugeot maker PSA Group have agreed to binding merger terms that include sweeteners to make the trans-Atlantic tie-up more attractive to U.S. regulators and PSA shareholders.

The two companies said Wednesday they had signed a combination agreement fixing the financial terms of the deal and the corporate governance structure of the combined group. The move marks an important step in solidifying a merger that was announced in October. The tie-up aims to create a $50 billion auto giant…

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