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With more than 99% of the votes in favor, the shareholders of the groups PSA (Peugeot-Citroën) and FCA (Fiat-Chrysler) gave the green light to the merger of the two manufacturers, thus formalizing the birth of the fourth largest car manufacturer of the world, which will be directed by a Portuguese coach. As already known, Carlos Tavares, a former Renault man and PSA leader since 2014, will be the chief executive officer (CEO) of the new group, which will be based in the Netherlands and will adopt the name Stellantis.
Carlos Tavares assumed command of the PSA Group in 2014
Denis Balibouse / Reuters
At two separate general meetings, held on January 4, 2021, the shareholders of both groups gave the blessing to the wedding that had been preparing since 2019. Four days before Christmas, the European Commission approved the merger, after assessing the business impact in the light vehicle market.
Concluding that there would be no concentration of market power, Brussels authorized the merger. And on the fourth day of 2021 the last procedure was completed, with the approval of the shareholders.
So far, officials from both sides said the goal was to complete the merger by March this year. But the catadupa of decisions that are made now allows to significantly shorten the calendar, pointing to the end of the process within 12 days, on January 16, according to the joint statement released after the shareholders’ meetings.
“Following today’s shareholder approvals and receipt of final regulatory authorizations, during December, including those from the European Commission and the European Central Bank, FCA and the PSA group expect to complete the merger on January 16, 2021”, It reads in the statement, which adds that “Stellantis common shares will be listed on the Euronext Paris stock exchange and on the Mercato Telematico Azionario in Milan on Monday, January 18, and on the New York stock exchange on Tuesday. , January 19 ”.
