Sharjah24 – Reuters: Fiat Chrysler (FCA) and PSA said on Monday that investors had given their blessing to a $52 billion merger to create the world's fourth largest automaker, and shares in the new company, named Stellantis, would start trading in two weeks.
With annual production of around 8 million vehicles worldwide and revenues of more than 165 billion euros ($203 billion), the newly-formed firm is expected to play a key role in the auto industry's jump into the new era of electrification.
Stellantis will have 14 brands, from FCA's Fiat, Maserati and U.S.-focused Jeep, Dodge and Ram to PSA's traditionally Europe-focused Peugeot, Citroen, Opel and DS.
FCA and PSA said they expected to complete their tie-up on Jan. 16, ahead of an earlier indication which aimed for a closing within the first quarter of this year.
Stellantis shares will start trading in Milan and Paris on Jan. 18, and in New York the following day, the two automakers said in a joint statement.
At two separate extraordinary shareholder meetings, held virtually earlier on Monday due to the coronavirus pandemic, investors in each group backed the merger with approval rates above 99% of the votes cast.
"We are ready for this merger," PSA Chief Executive and Stellantis future CEO Carlos Tavares said.
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