Shareholders in Peugeot-owner PSA and Fiat Chrysler (FCA) have approved the mega-merger of the two firms, a deal which will create the world’s fourth-largest auto firm.
The new entity, called Stellantis, will bring together well-known brands such as Peugeot, Citroen and Vauxhall from PSA with Fiat, Jeep and Chrysler.
The $52bn deal, which was first agreed back in 2019, is in its final stages, with a completion date due to be set when both firm’s shareholders have signed it off.
Both PSA’s investors with double voting rights – including the Peugeot family, China’s Dongfeng, and French state bank Bpifrance – and normal investors approved the deal.
Yesterday (4 January) FCA chairman John Elkann said 99.15 per cent of FCA’s shareholders had voted for the merger at a virtual meeting.
Once the deal is completed, only Volkswagen, the Renault-Nissan-Mitsubishi alliance and Toyota will surpass the firm in production capacity.