[ad_1]
Fiat / Chrysler (FCA) and Peugeot (PSA) had decided to merge at the end of 2019, now shareholders have also said yes, this will create the car holding company “Stellantis”, the world’s fourth largest automaker.
Stellantis may come: The shareholders of the French group PSA (with the brands Peugeot, Citroën, DS, Opel and Vauxhall) and the shareholders of Fiat-Chrysler Automobiles FCA (Fiat, Abarth, Lancia, Alfa Romeo, Maserati, Chrysler, Jeep, Dodge , Ram Trucks) said yes, yes to the mega-merger of the two companies. The result is the celebration of cars “Stellantis” (from the Latin “stello”, lit by stars), Stellantis becomes the fourth largest car manufacturer in the world (after Volkswagen, Toyota and General Motors), but all brands of known automobiles remain.
After an Extraordinary General Meeting, the general manager of PSA, Carlos Tavares, said with satisfaction: “Now we are ready for the merger, this is a historic moment.” The 62-year-old Portuguese will lead the automotive giant with around 400,000 specialists as CEO.
When exactly the French will merge with their Italian-American colleagues will be communicated at a later date, according to Tavares. The goal is to merge by the end of March 2021.
Due to Corona regulations in France, PSA was unable to hold a normal classroom event. At the extraordinary general meeting, the merger was 99.8 percent approved. FCA also had an equally high value. New Yorker John Elkann, Chairman of the FCA Board of Directors: “Stellantis is becoming a leading automaker.”
The EU competition authorities had already approved the merger in December. The Commission’s Executive Vice-President, Margrethe Vestager, responsible for competition policy, said before Christmas: “For many freelancers and small and medium-sized businesses in Europe, it is important that there is strong competition in the market for commercial vans. We can approve the combination of Fiat Chrysler and Peugeot SA as their commitments will facilitate the entry and expansion of new participants in the light commercial vehicle market. In the other markets where the two automakers are currently active, competition will not lose momentum even after the merger. “
For years, automakers have reacted with mergers to withstand enormous pressure from the industry. And then Corona came in 2020 and made things worse.
Currently corporations are investing billions in electric and hybrid development, Fiat / Chrysler has something to catch up with and will be able to draw on the Peugeot Group’s know-how in the future.
In 2019, the FCA and PSA announced that no plant closures were planned; instead, savings of € 5 billion should be achieved without changing location. They want to sell 8.7 million vehicles together a year. This would make it the world’s No. 4 new company behind Volkswagen, Toyota and the Renault and Nissan network.
Carlos Tavares is considered a tough renovator and has shaped Peugeot, he is currently cutting Opel so that the traditional German brand becomes profitable again.
John Elkann will lead the executive board of the joint venture as chairman of the board of directors. Manager-Magazin describes the merger as an “acquisition under French leadership”, even if both parties are given equal weight. Regarding the shares, the Agnelli family will have 14.4 percent of the new company, Peugeot 7.4 percent, the French state company 6.1 percent, and the rest will be made up of shares of free floating.
Before joining forces with PSA, Fiat / Chrysler had extended its antennas towards Renault. Finally, FCA withdrew its offer. Fiat / Chrysler argued that Renault had delayed the talks; Renault accused FCA of not wanting to wait for Nissan’s approval.
In his most recent speech, Tavares praised the cooperation with the social partners in preparing for the merger, but left aside the sensitive issue of layoffs. In France there is open speculation that restructuring in the crisis of the crown is inevitable. In France, new car sales fell by a quarter in 2020.
It is not entirely clear what impact this merger will have on the sports programs of the FCA and PSA.
Peugeot is a multiple world champion in sports cars and on rally tracks, including successes at the prestigious Dakar. In the medium term, the French want to return to long-haul routes with so-called hyper sports cars from 2022. In the hypercar class, racing prototypes will be driven and street hypercars will be turned into racing cars.
In Formula 1, Peugeot failed: the plan to take over a finished engine from BMW and bring it home like Talbot failed. BMW kept the project and became the first Turbo World Champion in Formula 1 in 1983. In 1994, Peugeot slept with McLaren and the marriage divorced after just one year. The French moved in for a few years as engine suppliers to Jordan and Prost and then they disappeared.
Citroën participates in the World Rally Championship and won eight constructors’ titles between 2003 and 2012.
DS is the driving partner of the Chinese Cheetah team in Formula E, the team became champion of the brand.
FCA’s sporting figure was Ferrari’s Formula 1 team, but in 2016 Ferrari rose to its feet, FCA gave up its 90 percent stake (10 percent belongs to Piero Ferrari), Ferrari floated with ten percent , 80 percent were delivered to FCA shareholders. Alfa Romeo officially returned to the GP tracks in 2019, with cars built at Sauber in Switzerland. Both of these Italian brands have a rich tradition in Grand Prix racing dating back to the Stone Age of motorsport. At that time, even Fiat competed in Grand Prix. Alfa Romeo has also achieved countless victories in sports cars and passenger cars.
Fiat is a former world rally champion, as is the Lancia brand. Sports car racing was also successfully contested with Lancia.
