An employee at Fiat Chrysler’s Windsor Assembly Plant worked in December 2016 within the chassis of the Chrysler Pacifica Hybrid.
Fiat Chrysler
Shareholders of Italian-American carmaker Fiat Chrysler and the PSA Groups in France on Monday approved a merger plan to create Stellantis, the world’s fourth largest car group.
The vote was one of the final steps for the merger, which the companies expect to close on January 16. Carlos Tavares, CEO of PSA, which will lead the joint venture, said the agreement resolved all regulatory barriers.
Stellantis’ common shares will start trading on January 18 on the Mercato Telematico Azionario in Milan and Euronext in Paris, followed by the New York Stock Exchange on January 19.
“We are ready. We are ready for this merger. We are ready for this value creation,” Tavares said during a virtual shareholders’ meeting on Monday. He calls it “a historic moment” for the company.
According to officials, the merger is expected to result in annual cost savings of approximately 5 billion euros, or $ 6.1 billion. The carmaker will be based primarily in North America and Europe. Stellantis will include 14 car brands – from Fiat Chrysler’s Maserati, Jeep and Ram to PSA’s Peugeot, Citroen and Opel.
The plans for the merger were initially confirmed late at the end of 2019. Fiat Chrysler, the world’s seventh largest carmaker, has been looking for an increase in scale and cost consolidation for several years.