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Index – Economy – Fiat Chrysler and PSA, Inc.

Index - Economy - Fiat Chrysler and PSA, Inc.

The merger of Italian-American Fiat Chrysler Automobiles NV (FCA) and French automobile group PSA led to the creation of the fourth largest car company in the world this weekend, MTI writes.

The merger, which was completed at the end of the week, was preceded by more than a year of negotiation and licensing processes that were delayed even due to the coronavirus epidemic. The two automakers announced their intention to merge again in October 2019, and the European Commission agreed to the merger last December.

The automobile group, now known as Stellantis NV and employing about 400,000 people, manufactures 14 automobile brands, including Fiat, Chrysler, Opel, Peugeot, Citroën, Jeep, Maserati and Alfa Romeo.

The group is chaired by Carlos Paris, former CEO of PSA, and chaired by John Elcan, grandson of Fiat Group founder Giovanni Agnelli. The Agnelli family owns a 14.4 percent stake in the group, according to the French newspaper Le Parisien. Other major contributors include the Peugeot family and the French state.

Stellantis NV shares will be listed on the Paris and Milan stock exchanges starting Monday and on Wall Street starting Tuesday. On Wall Street, Stellantis executives Carlos Tavares and John Elkann will launch stock trading on Tuesday and will also hold a press conference on plans for the new car group. Before the Coronavirus crisis, FCA and PSA together produced more than eight million cars per year with a turnover of 170 billion euros. In 2019, Volkswagen, Toyota, Franco-Japanese partnership Renault and Nissan have produced higher traffic data.

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