PARIS: Shareholders of French automaker PSA voted Monday to approve a merger with the US-Italian group Fiat Chrysler, a move that catapults the new company, “Stellantis”, into the fourth position of the world’s carmakers by volume.was nearly unanimous, PSA chief Carlos Tavares said.
The 50/50 tie-up, which was delayed by the Covid-19 pandemic, is considered crucial for the two groups to undertake investments needed to transition to clean car technology. The accord brings together PSA’s Peugeot, Citroen and other brands with Fiat Chrysler’s stable that includes their namesake brands as well as Jeep, Alfa Romeo and Maserati.
To assuage those concerns, the commission said PSA would continue an agreement with Toyota to manufacture vans to be sold under the Japanese brand in Europe. PSA sold 589,000 fewer vehicles in the third quarter but sold them for more money as part of a strategy to maximise profitability and cash flow, which lifted turnover by 1.2%.