Fiat Chrysler and PSA Groupe shareholders approve merger to create Stellantis

An worker at Fiat Chrysler’s Windsor Assembly Plant works contained in the chassis of the Chrysler Pacifica Hybrid in December 2016.

Fiat Chrysler

Shareholders of Italian-American automaker Fiat Chrysler and France-based PSA Groupe on Monday accepted a merger plan to create Stellantis, the world’s fourth-largest automotive group.

The voting was one of many final steps for the merger, which the businesses count on to shut on Jan. 16. PSA CEO Carlos Tavares, who will lead the mixed firm, mentioned the deal has cleared all regulatory hurdles.

Stellantis’ frequent shares will start buying and selling on the Mercato Telematico Azionario in Milan and Euronext in Paris on Jan. 18, adopted by the New York Stock Exchange on Jan. 19.

“We are ready. We are ready for this merger. We are ready for this value creation,” Tavares mentioned throughout a digital shareholders assembly Monday. He referred to as this “a historical moment” for the corporate.

The merger is predicted to present about 5 billion euros, or $6.1 billion, in annual price financial savings, in accordance to officers. The automaker’s operations will largely be in North America and Europe. Stellantis will embody 14 automotive manufacturers — from Fiat Chrysler’s Maserati, Jeep and Ram to PSA’s Peugeot, Citroen and Opel.

Plans for the merger had been initially confirmed by the businesses in late 2019. Fiat Chrysler, the world’s seventh-largest automaker, had been on a quest for a tie-up to develop scale and consolidate prices for a number of years.

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