/Peugeot, After Digesting GM’s Europe Business, Set Sights on Fiat Chrysler

Peugeot, After Digesting GM’s Europe Business, Set Sights on Fiat Chrysler

MILAN—Peugeot maker PSA Group approached Fiat Chrysler Automobiles NV earlier this year about combining the two car makers, according to people familiar with the matter, forming a $45 billion industry behemoth that would reposition their businesses in the U.S. and Europe.

Fiat Chrysler rebuffed the overture, as it had previous ones by the French car maker, according to these people. Fiat Chrysler has said for years that it is open to a big deal with another auto maker if it fits the company’s objectives. Executives have balked,…