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Our first priority will be to achieve synergies of 5,000 million euros a year ”, stated the Chairman of the Board of Directors of Psa, during the extraordinary meeting of shareholders of the French company with double voting.
“Our first priority will be to achieve synergies of 5,000 million euros a year,” said the chairman of the board of directors of Psa, during the extraordinary meeting of shareholders of the French company with double voting.
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Merger between FCA and PSA to bring Stellantis, the world’s fourth largest automotive group, to the assemblies. The French started, followed by the Italian-American group in the early afternoon, at 2.30 pm. “Our first priority will be to achieve synergies of 5 billion euros a year,” said Carlos Tavares, 62, chairman of the Psa board of directors, during the extraordinary meeting of shareholders of Psa with double voting. call for a vote on the merger with FCA. The assembly approved the merger with 99.99% consent. The extraordinary shareholders’ meeting, meeting virtually, also gave the go-ahead with the same result.
“Today I speak to you with emotion and great enthusiasm” in what is “a historic moment”, began the number one of Psa. The project, added the manager of Portuguese origin, aims to “protect the workers and guarantee the future of the company” and has demonstrated “the great maturity of the shareholders of the two groups who have a clear vision of the future and have demonstrated who know how to adapt in different conditions, “he continued, specifying that the changes to the agreement announced in December 2019 to” take into account “the situation in the face of the pandemic were decided with a” collaborative, constructive and mature spirit. “
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The creation of Stellantis, through the merger between PSA and FCA, is the answer to the “challenges and opportunities of the future” of the mobility and automotive industry, added Tavares, who concluded: “We have obtained all the necessary approvals” for the operation and “we are ready for this merger, the next stage in this fabulous story.” Stellantis, as mentioned, will be the fourth largest automaker in the world with 8.7 million cars sold, 400,000 employees and more than 180,000 million euros in turnover.
The chairman of the PSA supervisory board, Louis Gallois, also spoke of a historic day. With Carlos Tavares, the Psa group has become the most profitable group in the world ”and despite the crisis caused by the Covid-19 pandemic“ the company is in good health ”and today the merger will be voted“ with a company that has a great track record and equal health, ”Gallois stressed.
Immediately after the extraordinary meeting, the extraordinary general meeting of Psa began “virtually”, without the physical presence of the shareholders, for the definitive approval of the merger of equals. Around 74% of Psa’s capital was present at the meeting: 670 million shares of just over 904 million on the market. Psa and FCA “are two companies that are in good health but we are aware that together we will be stronger,” said Tavares, who recalled the long preparatory work until the green light of the EU Antitrust. Then the vote, which leaves no room for discussion.
