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PSA shareholders back mega-merger with Fiat Chrysler | Malay Mail

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PARIS, Jan 4 — Shareholders of French automaker PSA voted today 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. Approval for the three merger resolutions tabled at...

This combination of file pictures created on October 30, 2019 shows the FCA logo and the logo of French carmaker PSA Peugeot Citroen. — AFP pic

Fiat Chrysler shareholders are due to begin voting on the deal at 2.30pm , and Tavares said the date for making the merger operational would be announced “very soon”. It also allows Fiat Chrysler to strengthen its presence in Europe, while the French group will regain a foothold in the US. By number of cars sold, Stellantis and its workforce of over 400,000 will now rank behind Volkswagen, the Renault-Nissan-Mitsubishi alliance, and Toyota — though it will be the third-largest automaker by revenue.Weathering Covid

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.

 

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