Major shareholders have approved the merger of the French automaker PSA with the Italian-American concern Fiat Chrysler Automobiles. The combined company called Stellantis, which will be based in the Netherlands, will include 14 brands. It will become the fourth largest auto giant, with eight million vehicles from these manufacturers entering the market in 2019.
The CEO of the merged company with powers for five years will be the head of Peugeot, Carlos Tavares. he will also serve on the board of directors chaired by Fiat-Chrysler Chairman John Elkan.
The merger agreement was signed in mid-December. 46% of revenue will come from Europe, 43% from North America. In September last year, the companies changed the terms of the deal due to a change in circumstances due to the pandemic.
At the end of December, the European Commission approved the transaction on the merger subject to full compliance with the package of obligations agreed by the companies.
Peugeot SA shares are up 3.4% at auction in Paris on Monday. Fiat Chrysler Automobiles NV shares up 3% in Milan.
