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The main shareholders of the two groups FCA and PSA are meeting today to finally announce the birth of Stellantis; On January 4, 2021, a great new giant in the automotive world comes to light, with 400,000 employees, more than 180,000 million turnover and more than 8.7 million registrations.
On the occasion of Covid-19, today the extraordinary shareholders’ meetings will be held in streaming and the long-awaited merger will be decreed. The actual closing will follow in the coming weeks, an essential step in proceeding with Stellantis’ listing on the Paris, Milan and New York stock exchanges. There are economic steps that must be taken because they are absolutely necessary for the agreement, the first is undoubtedly the distribution of the coupons planned to rebalance the weights of the two groups and perform a 50/50 merge.
In the first version of the agreement, which has been in force for several months, a clear division was foreseen between the coupons guaranteed to FCA shareholders and those of PSA shareholders. The new agreement contemplates a dividend of 2,900 million for FCA, to which is added a distribution of Faurecia paper of 1,349 million, equivalent to 23%. PSA shareholders will have Faurecia paper for 1,350 million, liquidity will increase by 2,700 million compared to the first scheme. In the coming weeks we will proceed to distribution of dividends.
And after the various absolutely necessary steps, finally a new great player will join the immense automotive sector, the giant Stellantis that we have been waiting for months. The 15 brands that are part of FCA and PSA will remain in the company; Stellantis, in addition to the name, already has its logo. The Netherlands is the country chosen for its headquarters, John Elkann will be the president, the leadership will be in the hands of Carlos Tavares, general director of PSA. Mike Manley will be the executive director.
In a few months the new industrial plan will be prepared, the models that will go into production, the platforms used and the plants in which they will be born will be presented. There merger between FCA and PSAAs the two companies have repeatedly stressed, it will not have any negative effect on jobs and factories. Exor is the largest shareholder of Stellantis, with 14.4%, Peugeot will have 7.2%, the French state 6.2% and Dongfeng 5.6%.
