Flag with the Stellantis logo on the front entrance of the FCA factory in Mirafiori on January 18, 2021 in Turin, Italy.
Stefano Guidi | Getty Images
Stellantis – the combined carmaker of Fiat Chrysler and French group Groupe PSA – will begin trading on Tuesday under the symbol “STLA” on the New York Stock Exchange.
The $ 52 billion merger was completed on Saturday, with the shares of the new company trading on Monday under the same symbol on Euronext in Paris and Borsa Italiana in Milan, Italy. US stock trading was delayed by a day as US markets closed on Monday for the Martin Luther King Jr. holiday.
Stellantis is the fourth largest automaker in the world. The company’s operations, including its 400,000 employees, will be largely in North America and Europe.
Here’s what else you should know about the company:
Actions
Following the completion of the merger, PSA Group shareholders received approximately 1.7 Stellantis shares for each PSA share, while Fiat Chrysler shareholders received one Stellantis share for each share.
In a virtual launch on the Borsa Italiana website, Stellantis CEO Carlos Tavares, former CEO of Groupe PSA, said the merger will add 25 billion euros ($ 30.3 billion) to shareholders in the coming years. due to the projected cost reduction.
“All of our employees and our management teams are fully focused on creating value that is embedded in the FCA-PSA merger and the creation of Stellantis,” he said.
Reduction
The merger is expected to provide about 5 billion euros, or 6.1 billion dollars, in annual cost savings, according to officials.
Stellantis
The company’s name is rooted in the Latin verb “stello,” which means “to shine with stars,” the companies said.
The name Stellantis will be used for the umbrella corporation, but not for its vehicles. The company’s 14 individual brands, such as Alfa Romeo, Chrysler, Fiat, Jeep and Peugeot – all of which have historical significance in those countries – will remain unchanged.
Board of Directors
The Stellantis Board of Directors consists of two CEOs, Tavares and former Fiat Chrysler President John Elkann.
The non-executive directors of the companies are:
- Robert Peugeot, from the Peugeot family of the French car manufacturer
- Henri de Castries, former CEO of the insurer Axa SA
- Andrea Agnelli, Elkann’s cousin and family member who controls Fiat Chrysler
- Fiona Clare Cicconi, chief human resources officer at AstraZeneca PLC
- Nicolas Dufourcq, CEO of the French investment bank Bpifrance SA
- Ann Frances Godbehere, director of the Royal Dutch Shell PLC
- Wan Ling Martello, partner and co-founder of the private equity firm BayPine
- Jacques de Saint-Exupéry, head of the workers’ council at PSA
- Kevin Scott, chief technology officer at Microsoft Corp.
– CNBC Elliot Smith contributed to this report.