PARIS, Jan. 4 (Xinhua) -- Shareholders of French automaker PSA on Monday approved the merger plan with the U.S.-Italian group Fiat Chrysler (FCA) to create a new group called Stellantis, which would become the world's third-largest automotive group in turnover behind the Japanese Toyota and the German Volkswagen.
During an online general meeting, shareholders approved with 99.8 percent of votes to back the three resolutions concerning the merger, said Carlos Tavares, Chairman of the Managing Board of PSA and future CEO of Stellantis.
FCA Shareholders will vote on the merger on Monday afternoon. The date for making the merger operational would be announced "very soon," said Tavares.
The PSA-FCA merged entity would own brands such as Fiat, Jeep, Dodge, Ram, Maserati, Peugeot, Opel and DS.
The two groups announced their 50/50 tie-up in December 2019. The deal gained anti-trust approval from the European Commission a year later.
According to a FAC press release in September, "Stellantis can leverage from the outset a strongly diversified business with high margins in its core regions of Europe, North America and Latin America and a unique portfolio of well-established and iconic brands."
The new company "will be equipped to accelerate the development of highly innovative mobility solutions and cutting-edge technologies in new energy vehicles, autonomous driving and connectivity," it added. Enditem
