Groupe PSA (Peugeot) and Fiat Chrysler Automobiles shareholders in separate special meetings in Europe today approved the proposed $52 billion merger that will create an international automotive giant named Stellantis.
Almost 100 percent (99.99 percent) of the 894 million shares of PSA stock represented at that company’s meeting in Paris voted in favor of the measure that will result in the fourth-largest automaker in the world with the capacity to produce 8.7 million cars a year.
FCA shareholders gathered virtually in a meeting originating in Milan, Italy.
As part of the merger, each ordinary share of Groupe PSA will be exchanged for 1.742 common shares of FCA.
“We are fully aware of the fact that together we will be stronger than individually,” says Carlos Tavares, CEO of PSA, who will lead the combined companies. “The two companies are in good health. These two companies have strong positions in their markets.”
FCA Chairman John Elkann will be chairman of the new company. FCA CEO Mike Manley will head North American operations based in Auburn Hills.
Once the merger is finalized, which could happen as early as the end of January, Stellantis will have 14 brands in its portfolio.