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“PSA and FCA are two companies that are in good health, but we are aware that together we will be stronger.” This is how Carlos Tavares, CEO of Peugeot Citroen, baptized the birth of Stellantis, the merger with Fiat Chrysler Automobiles, which today takes the first official step with the approval of the assembly of the French company. Later, at 2.30 pm, it will be the turn of the FCA shareholders’ meeting. The creation of Stellantis was approved by the members of the Psa with 99.85% of the votes.
“Today I speak to you with emotion and great enthusiasm in what is a historic moment – began Tavares, who will be the CEO of the new company – The project aims to protect workers and guarantee the future of the company and has shown great maturity shareholders of the two groups who have a clear vision of the future and have shown that they know how to adapt to different conditions. Our first priority will be to achieve synergies of 5,000 million euros per year ”.
Tavares explained that the changes to the agreement announced in December 2019 to take into account the situation in the face of the Covid 19 pandemic were decided “with a collaborative, constructive and mature spirit.” Not only. The creation of Stellantis, through the merger between PSA and FCA, is the answer to the challenges and opportunities of the future of mobility and the automotive industry ”.
Tavares then explained that with the yes of the partners of PSA and FCA to the union that will give life to Stellantis, the third automobile group in the world in terms of turnover and fourth in terms of volumes, “it will soon be possible to give the date of the fusion”.
With the shareholders’ meetings of PSA and FCA, the fourth largest car manufacturer in the world was born today with 8.1 million cars sold, 400,000 employees and more than 180,000 million in turnover. The value of the merger is 43 billion, the expected annual synergies are worth five. The new Stellantis group, 15 brands, whose project was announced on October 31, 2019, aims to create a world leader in sustainable mobility.
The headquarters will be in the Netherlands. It will have Exor as its largest shareholder with 14.4%, followed by the Peugeot family with 7.2%, the French state with 6.2% and the Chinese state of Dongfeng with 5.6%. The president will be John Elkann, Robert Peugeot the vice president, Carlos Tavares the general manager. The industrial plan will arrive in summer, but in Italy the projects started in 2019 continue, worth 5 billion investments.
