The shareholders of the Opel parent company PSA have approved the mega merger with Fiat Chrysler (FCA) with an overwhelming majority. The company announced this after an extraordinary general meeting on Monday. Because of the corona restrictions in France, there was no face-to-face event for the shareholders. The merged company is to be called “Stellantis” and will become the fourth largest auto company in the world.
“We are ready for this merger,” said PSA CEO Carlos Tavares, who will also lead the new association called “Stellantis”. The date for the merger should be announced soon. The top manager, who is from Portugal, said two healthy companies are merging. “This is a historic moment.”
The EU competition watchdogs approved the merger in December with certain conditions. With the merger, the fourth largest car company in the world is to be created. The new association with major pillars in Europe and North America will manage 14 brands, including Opel, Peugeot, Citroen, Chrysler, Jeep, Alfa Romeo, Lancia, Abarth and Dodge.
Before the corona crisis, Fiat Chrysler and PSA together sold around 8.7 million vehicles per year and had a turnover of 170 billion euros. Only Volkswagen, Toyota and the French-Japanese Renault-Nissan network were larger in 2019.
