Fiat-Chrysler merger with PSA approved to create Stellantis, the world’s fourth-largest automaker

Roma – Shareholders of Fiat Chrysler (FCA) today approved with 99.14% of the current capital votes the merger with French PSA to create Stellantis, the world’s fourth largest automaker by volume, with estimated sales of over eight million of units.

The FCA shareholders’ meeting took place shortly after the French group’s shareholders gave the green light almost unanimously (99.95% of the vote) to this operation, which will see the birth of a car giant, the fourth largest manufacturer in the world by sales volume, behind Volkswagen, Toyota and the Renault-Nissan-Mitsubisthi alliance.

“It’s a historic merger,” Fiat Chrysler President John Elkann described in his speech at the start of the Italian group’s shareholders’ meeting, which has grown fivefold in value over the past 10 years.

“Stellantis is a union of two partners who think alike, who come together to build something unique and extraordinary (…) a combination of two companies that have shown extraordinary resilience and ingenuity” and which “shows foresight for combining its strengths to address the global challenges ”facing the automotive industry, Elkann stressed.

The new group born after the merger will be headquartered in the Netherlands, but will continue to be listed on the Paris, Milan and New York stock exchanges. It will have over 400,000 employees.