PSA-Fiat Vote to Form 4th Largest Automaker
Jan. 5, 2021—Shareholders from Fiat Chrysler Automobiles NV and PSA Group met in separate meetings yesterday to vote, approving a merger of the two companies, reports Bloomberg.
The vote approved the formation of Stellantis, which will become the world's fourth-largest automaker by volume. The new combined company will include the Fiat, Jeep, Dodge, Ram and Maserati, Peugeot, Opel and DS brands.
According to Reuters, the two companies, with a combined annual production of around 8 million vehicles worldwide and revenues of more than $203 billion, agreed to a $50 billion all-share deal in December 2019. The brands are currently expected to keep their badges and logos.
The newly-formed company is expected to combine efforts to embrace electric vehicles and autonomous driving.
“We are ready for this merger,” PSA CEO Carlos Tavares reportedly told PSA shareholders, adding that the companies are also prepared to announce a date for completion of the deal.