The merger of the Italian-American carmaker Fiat Chrysler (FCA) with the French competitor PSA has already been approved by the shareholders of both companies. Reuters reported on Monday. The $ 52 billion (roughly $ 1.1 trillion) merger will create the world’s fourth-largest carmaker.
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In the afternoon, FCA announced that 99.15 percent of shareholders were in favor of the merger at its virtual general meeting. Hours before, the merger was approved by PSA shareholders.
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The merged company will be called Stellantis and its shares will be traded on the stock exchanges in Milan, Paris and New York. A total of 14 brands will fall under Stellantis. FCA now includes, for example, the Italian brands Fiat and Maserati or the American brands Jeep, Dodge or Ram. The PSA group includes, among others, the French brands Peugeot and Citroën and the German brand Opel.
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“We are fully aware that together we will be stronger than individually,” said PSA Chief Carlos Tavares. He added that both companies are in good condition and have a strong position in their markets.
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