Stellantis is set for lift off on January 16.
Shareholders from both Fiat Chrysler Automobiles (FCA) and Peugeot Citroen (PSA) yesterday approved a merger of the two companies, meaning FCA and PSA can become Stellantis.
The merger will be completed on January 16, and shares for Stellantis will start trading on January 18 in Paris and Milan, with New York to follow a day later.
Once official, the merged Stellantis company will comprise 14 brands with total annual production of around eight million vehicles, including Fiat, Chrysler, Ram, Dodge, and Jeep in the USA, and Peugeot, Citroen, Vauxhall, Opel, DS, Alfa Romeo, and Fiat in Europe.
On current volumes, Stellantis is expected to be the world’s fourth-largest carmaker behind Toyota, the Volkswagen Group, and the Renault-Nissan-Mitsubishi Alliance. Current PSA CEO Carlos Tavares will be at the helm.
PSA says more than 99 per cent of votes cast by shareholders with double voting rights, including the Peugeot family and Chinese car company Dongfeng, were cast in favour of the merger. The remaining shareholders gave the merger a 99.85 per cent approval rate.
Fiat Chrysler hasn’t revealed exact figures, but says its shareholders voted similarly.
The Stellantis merger has overcome numerous hurdles in the past 12 months, not least of which related to antitrust concerns from European Union regulators.
The deal was delayed by the European Commission, which was concerned the merged FCA/PSA would hold too much share in the light commercial vehicle market in Europe.
PSA offered to increase production of the Toyota ProAce at its Sevel Nord van plant in France to appease the regulators, and is reportedly selling them at close to cost price.