Peugeot-Citroën (PSA) Shareholders Approve Fiat-Chrysler (FCA) Merger

Peugeot-Citroën (PSA) shareholders on Monday, January 4, approved the merger of the French group with Fiat-Chrysler (FCA) to form Stellantis, the world’s 4th largest automotive group.

During an online general meeting, PSA shareholders have approved the mega-merger with Fiat Chrysler (FCA) with an overwhelming majority, finalising more than 99.8 per cent of the three resolutions concerning the merger.

The date for the merger has yet to be announced, however, it must be done “very quickly”, according to the chairman of the management board of PSA and future director General of Stellantis, Carlos Tavares.

“We are ready for this merger,” said PSA CEO Carlos Tavares, who will also lead Stellantis. The top manager, who is from Portugal, said two healthy companies are merging. “This is a historic moment.”

“I have rarely had the feeling as much as today of living a moment of history”, declared the emblematic chairman of the supervisory board of PSA, Louis Gallois, who is retiring following this merger.

This latest news comes after the European Union (EU) conditionally approves the mega-merger of car giants Fiat Chrysler (FCA) and Peugeot Citroen (PSA), on Monday, December 21, after the firms agreed on commitments to overcome competition fears.

The new association with major pillars in Europe and North America will lead 14 brands, including Opel, Peugeot, Citroën, Chrysler, Jeep, Alfa Romeo, Lancia, Abarth and Dodge.

Before the COVID crisis, Fiat Chrysler and PSA together sold around 8.7 million vehicles per year and had a turnover of €170 billion. Only Volkswagen, Toyota and the French-Japanese Renault-Nissan network were larger in 2019.

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