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Shareholders in Peugeot’s PSA Group voted overwhelmingly on Monday to approve the carmaker’s proposed merger with Fiat Chrysler.
At an online meeting, 99.85% of PSA investors voted in favor of the deal ahead of a vote by Fiat Chrysler shareholders that would take place later in the day.
“We are well aware of the fact that together we will be stronger than individually,” Carlos Tavares, CEO of PSA, said during the meeting. ‘The two companies are in good health. These two companies have a strong position in their markets. ”
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Tavares will be CEO of the new company, named Stellantis, while Fiat Chrysler John Elkann will serve as chairman. Fiat Chrysler’s current CEO, Mike Manley, will lead the conglomerate’s operations in North America.
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Stellantis will be the fourth largest carmaker in the world, with a portfolio of more than a dozen brands and joint ventures, including Dodge, Ram, Jeep, Fiat, Peugeot, Citroen and Opel.
If Fiat Chrysler shareholders approve it, the merger could be completed by the end of January.
The Associated Press contributed to this report.