Shareholders of the PSA approved the merger with the Fiat Chrysler

Shareholders of the PSA approved the merger with the Fiat Chrysler

Shareholders of the French car establishment PSA on Monday approved the merger with the Italian-American group Fiat Chrysler (FCA). The merger will create the fourth largest car manufacturer in the world. PSA boss Carlos Tavares said shareholders almost unanimously supported the merger at the annual general meeting held online. In December, the merger was approved by the European Commission after several months of scrutiny. PSA, Peugeot, Citroën, DS and Opel and FCA agreed to merge in December 2019. According to previous statements, the merger should take place by the end of March 2021 at the latest. Before the corona crisis, total sales of Fiat Chrysler and PSA amounted to 8.7 million vehicles per year and sales of 170 billion euros. The only major car groups in 2019 were Volkswagen, Toyota and Renault-Nissan. The new establishment will be called Stellantis, which is derived from the Latin word stella (star). Its brands will include Peugeot, Citroën, DS, Opel, Chrysler, Jeep, Alfa Romeo, Lancia, Abarth and Dodge.