PARIS — PSA Group shareholders authorized the automaker’s merger with Fiat Chrysler Cars on Monday.
At a particular shareholder assembly, the deal to type Stellantis, the brand new mixed firm, was backed by greater than 99 p.c of the votes solid by buyers with double voting rights, together with the Peugeot household and China’s Dongfeng Motor. All different PSA shareholders backed the deal at a second assembly held on-line with a 99.85 p.c approval price amongst votes solid.
“We’re prepared for this merger,” PSA CEO Carlos Tavares advised the web assembly.
Tavares stated the ultimate date for the closing could be introduced in spite of everything shareholder approvals are granted. He stated the deal had now handed all regulatory checks.
Fiat Chrysler shareholders are anticipated to approve the merger throughout a virtual meeting in a while Monday.
The shareholding construction can be altered as a part of the merger, and present double voting rights, that are accrued over time and provides buyers extra weight in selections, won’t be carried over.
Tavares, who can be CEO of the merged group, should revive the fortunes in China of FCA and PSA, rationalize a sprawling global empire and handle large overcapacity, in addition to concentrate on creating cleaner vehicles.
Stellantis can have 14 brands, from FCA’s Fiat, Maserati and U.S.-focused Jeep, Dodge and Ram to PSA’s Peugeot, Citroen, Opel and DS. PSA has historically been extra centered on Europe.