After gaining the European Commission's approval in October 2020, Fiat Chrysler (FCA) and PSA Groupe took another essential step to create Stellantis.
Earlier this week, in two separate extraordinary shareholder meetings, investors in each group voted in favor of the merger, with approval rates above 99% of the voters expressed.
Now that investors gave their vote of confidence, the world's fourth-largest automaker will be created. With an annual production of roughly 8 million vehicles globally and revenues that top $203 billion, Stellantis is expected to play a significant part in the electrification of the automotive industry.
FCA and PSA expect the deal to complete by January 16. On January 18, Stellantis will be available for trading in Milan and Paris, and New York on the next day.
After the news hit the wire, Fiat Chrysler stock price ended 0.55% higher, while PSA added 0.62%.
Read more about the deal here!
Sources: reuters.com, cnbc.com