PSA shareholders on Monday confirmed the groups amalgamation with Fiat Chrysler, a Franco-Italian-American marriage aiming to reach critical size in a revolutionary automotive market. According to the manufacturer, the three majority shareholders of PSA (Peugeot family, French state and Chinese Dongfeng) voted - not surprisingly - for the merger project. Fiat shareholders have not yet given the green light either.
The amalgamation of the French PSA and Italian-American FCA groups was supposed to create the fourth largest automobile company in the world in terms of vehicles sold and third in revenue behind Japanese Toyota and German Volkswagen.
The new company, called Stellantis, will employ more than 400,000 people and in the same garage will have 14 emblematic brands such as CitroÃ«n and Maserati (briefly married 50 years ago), Fiat and Opel, Peugeot and Alfa Romeo, Chrysler, Dodge and Jeep.
At the end of December, the European Commission gave the Union the go-ahead, on condition that the two groups honor their commitments to maintain competition in small utility companies where they hold large market shares.