Fiat Chrysler shareholders approve merger with PSA to create Stellantis

Fiat Chrysler

(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.

Chairwman 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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