Majority shareholders vote for the merger, which creates a 14-brand giant with combined global production of 8m vehicles and revenues of over 165 billion euros (Rs 1,364,055 crore)
05 Jan 2021 | 7491 Views | By Mayank Dhingra
Fiat Chrysler Automobile (FCA) and Groupe Peugeot SA (PSA) have announced that their respective shareholder meetings held on January 4, have approved the proposed merger of FCA and Groupe PSA to form Stellantis, which was first announced on July 16, 2020.
The statement issued by Groupe PSA makes it known that the votes in favour of the merger won by an overwhelming majority of 99 percent. It will create oe of the world's largest passenger vehicle groups.
It is also reported that the shareholders of FCA also approved merger-related matters, including adoption of the Stellantis’ Articles of Association and appointment of the previously announced members of the Board of Directors of Stellantis, in each case effective as of the date following completion of the merger.
Following the approval by shareholders and receipt of the final regulatory clearances over the course of the last month, including notably from the European Commission and the European Central Bank, FCA and Groupe PSA expect to complete the combination on January 16, 2021.The statement mentions that Stellantis’ common shares will begin trading on the Euronext in Paris and on Mercato Telematico Azionario in Milan on Monday, January 18, 2021, and on the New York Stock Exchange on Tuesday, January 19, 2021.
A 14-brand global giant
In total, Stellantis, which becomes the world's fourth largest automaker, will combine 14 brands, some US-focused and others Europe-centric, with CEO Carlos Tavares hoping to revive the fortunes of both groups in China. Combined annual global production is about 8 million vehicles, with revenues of more than 165 billion euros (Rs 1,364,055 crore) reported.
The Stellantis moniker will be used purely as a corporate brand name, and work is currently under way on a new logo. The names and logos of the merged group’s various brands – which include Citroën, DS, Opel, Peugeot, Vauxhall, Alfa Romeo, Fiat, Jeep and Maserati – will remain unchanged.