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An employee of the Fiat Chrysler assembly plant in Windsor works inside the chassis of the Chrysler Pacifica Hybrid in December 2016.
Fiat Chrysler
Shareholders of Italian-American automaker Fiat Chrysler and French group PSA on Monday approved a merger plan to create Stellantis, the world’s fourth largest automotive group.
Voting was one of the final stages of the merger, which the companies plan to complete on Jan.16. Carlos Tavares, CEO of PSA, who will lead the merged company, said the deal removed all regulatory hurdles.
Stellantis common stock will begin trading on the Mercato Telematico Azionario in Milan and on Euronext in Paris on January 18, then on the New York Stock Exchange on January 19.
“We are ready. We are ready for this merger. We are ready for this value creation,” Tavares said at a virtual meeting of shareholders on Monday. He called it a “historic moment” for the company.
The merger is expected to generate around 5 billion euros, or $ 6.1 billion, in annual savings, officials said. Much of the automaker’s business will be in North America and Europe. Stellantis will include 14 automotive brands – from Fiat Chrysler’s Maserati, Jeep and Ram to PSA’s Peugeot, Citroën and Opel.
The merger plans were initially confirmed by the companies at the end of 2019. Fiat Chrysler, the world’s seventh-largest automaker, had been seeking a combination to increase scale and consolidate costs for several years.
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