The planned merger of the PSA Group and Fiat Chrysler Automobiles, dubbed Stellantis, has been approved by shareholders of both firms.
Shareholder meetings held today saw the deal, set to create one of the world’s largest car groups, approved almost unanimously.
On, the PSA, the deal was backed by more than 99% of the votes cast by shareholders with double voting rights, such as the Peugeot family and Chinese firm Dongfeng Motor. The rest of PSA’s shareholders gave the deal a 99.85% approval rate in a second meeting. A similar approval rate is being claimed for the FCA side of the voting process.
A joint statement released by both firms lists an expected completion date for the merger of 16 January. Common shares will begin trading in Paris and Milan on 18 January, before trading on the New York stock exchange begins the day after.
In total, Stellantis will combine 14 brands, some US-focused and others Europe-centric, with Tavares hoping to revive the fortunes of both groups in China. Combined annual global production is about 8 million vehicles, with revenues of more than €165bn (£150bn) reported.
When the merger is completed, the company will be known as Stellantis, which the firms say has its roots in the Latin verb stello, meaning “to brighten with stars”.
In a press release, they added: “The name’s Latin origins pay tribute to the rich history of its founding companies, while the evocation of astronomy captures the true spirit of optimism, energy and renewal driving this industry-changing merger.”
The Stellantis moniker will be used purely as a corporate brand name, and work is currently under way on a new logo. The names and logos of the merged group’s various brands – which include Citroën, DS, Opel, Peugeot, Vauxhall, Alfa Romeo, Fiat, Jeep and Maserati – will remain unchanged.
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Surprised by the choice of name. Doesn't it sound a bit too like the large mythical island that sank without trace!
It also sounds a bit too like history repeating itself; remember British Leyland? - a huge unwieldy conglomerate that had too many brands to know what to do with and ultimately also sank without trace apart from a few bits of flotsam. One cause of that demise was poor management; hopefully lessons will be learnt this time.
Did they check with Subaru?
Brighten with stars - er, isn't that Subaru's logo?
Silly name, silly concept - hope they didn't pay a lot for it.
Don't really care as long as
Don't really care as long as they make decent cars from some great brands