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Fiat Chrysler shareholders approve merger with PSA to create Stellantis - Metro US

Fiat Chrysler shareholders approve merger with PSA to create Stellantis

The logos of car manufacturers Fiat and Peugeot are seen in front of dealerships of the companies in Saint-Nazaire

MILAN (Reuters) – Shareholders in Italian American carmaker Fiat Chrysler (FCA) on Monday approved a $52 billion plan to merge with Peugeot maker PSA to create Stellantis, the world’s fourth largest automotive group.

Chairman John Elkann said 99.15% of FCA’s shareholders attending a virtual meeting had voted in favour of the merger. That includes top investor EXOR, the holding company of Italy’s Agnelli family, which controls 44.4% of FCA’s voting rights thanks to a loyalty share scheme.

PSA’s shareholders had also given their green light to the merger earlier on Monday.

(Reporting by Giulio Piovaccari; editing by Valentina Za)

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