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Fiat Chrysler shareholders approve merger with PSA to create Stellantis

Published 01/04/2021, 09:29 AM
Updated 01/04/2021, 09:30 AM
© Reuters. The logos of car manufacturers Fiat and Peugeot are seen in front of dealerships of the companies in Saint-Nazaire

MILAN (Reuters) - Shareholders in Italian American carmaker Fiat Chrysler (FCA) on Monday approved a $52 billion plan to merge with Peugeot (OTC:PUGOY) maker PSA to create Stellantis, the world's fourth largest automotive group.

Chairman John Elkann said 99.15% of FCA's shareholders attending a virtual meeting had voted in favour of the merger. That includes top investor EXOR, the holding company of Italy's Agnelli family, which controls 44.4% of FCA's voting rights thanks to a loyalty share scheme.

PSA's shareholders had also given their green light to the merger earlier on Monday.

Latest comments

Fiat, chrysler, peugeot all pos. They can have a 3some
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