The PSA Group’s top shareholders have given their approval for the carmaker’s merger with Fiat Chrysler Automobiles, thus forming Stellantis. The deal was backed by more than 99% of votes cast by investors with double voting rights, with the Peugeot family and China’s Dongfeng Motor both agreeing to terms.
“We are ready for this merger,” said PSA boss Carlos Tavares during the online meeting. Meanwhile, FCA shareholders are expected to approve the merger on their end imminently.
Tavares said that the final date for consolidating Stellantis will be announced shortly if all shareholder approvals are granted. The merger was also approved by PSA’s single shareholders during a broader meeting, reports Autonews Europe.
Related: Walter P. Chrysler’s Great-Grandson Proposes Changes To PSA Merger, Files Objection With U.S. Committee On Foreign Investment
It’s interesting to point out that the current shareholding structure will be altered following the merger, with existing double voting rights (accrued over time) not to be carried over.
Tavares, who will act as CEO of Stellantis, will immediately turn his attention to China as well as electric mobility. Stellantis will oversee a total of 14 brands, including FCA’s Fiat, Maserati, Jeep, Dodge and Ram, as well as PSA’s Peugeot, Citroen, Opel and DS Automobiles.
A couple of months back, the PSA boss went on record saying that not all carmakers will survive the coming decade, which is why he expects to see even more consolidation within the industry. He also revealed that PSA was no longer investing any resources into the development of internal combustion engines.