PSA shareholders approve FCA merger | Automotive Industry News

Carlos Tavares will head up Stellantis

The merger among PSA and FCA to produce ‘Stellantis’ has been accredited by PSA’s major shareholders at a special shareholder meeting right now.

The merger deal was rubber stamped by 99{0764260a27b4b31ca71a8adf79c3ae299a61e6f062052eee3f0df84ce9b30ade} of the votes cast by PSA investors with double voting legal rights. FCA shareholders are also expected to approve the deal afterwards right now.

The new automaker team will be known as Stellantis and will convey common manufacturers these as Peugeot, Citroen, Fiat, Dodge, Jeep, Opel, Alfa Romeo and Maserati below the exact management. The merger will reduce costs for equally teams thanks to platform and ingredient sharing, and joint R&D expenditure.

The EU experienced competitors concerns centred on the two companies’ dominant situation in the European light industrial motor vehicle current market, but accredited the merger in December. Peugeot agreed to extend an present cooperation deal with Toyota that should hold the van current market open up, though repair service and servicing solutions have to have to be available to competitors following the merger goes as a result of.

When it is finished early in 2021, the merger will produce the third premier world car or truck company by revenues and 4th premier by quantity. Even so, analysts say there is a great deal of work ahead to unlock synergies, rationalise operations and produce value in the even bigger corporation.

See also: EU approves FCA/PSA merger for Stellantis