Economy

PSA Group shareholders vote to approve the merger with Fiat Chrysler

Shareholders in the PSA group that owns Peugeot voted overwhelmingly Monday to approve the carmaker’s proposed merger with Fiat Chrysler.

During an online meeting, 99.85% of PSA investors voted in favor of the deal before voting on it Fiat Shareholders of Chrysler Corporation scheduled to hold a meeting later today.

“We are fully aware of the fact that together we will be stronger than everyone,” PSA CEO Carlos Tavares said during the meeting. “Both companies are in good health. These two companies have a strong position in their markets.”

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Tavares is set to become CEO of the new company, named Stellantis, while John Elkan Fiat Chrysler will take over as chairman. Mike Manley, the current CEO of Fiat Chrysler, will manage the group’s North American operations.

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Stellantis will be the fourth largest automaker in the world by volume, with a portfolio of more than 12 brands and joint ventures including Dodge, Ram, Jeep, Fiat, Peugeot, Citroen and Opel.

If Fiat Chrysler shareholders approve the merger, the merger could be completed by the end of January.

The Associated Press contributed to this report.

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