On January 19, according to media reports, Fiat and PSA Peugeot Citroen announced that the two companies will hold a general meeting of shareholders on January 4 next year to approve the merger plan and create the world’s fourth largest automaker Stellattis.
Fiat and PSA Peugeot Citroen reached a $38 billion wholly-owned merger agreement in December last year to merge brands such as Fiat, Jeep, Dodge, Ram and Maserati with brands such as Peugeot, Opel, Citroen and DS. The transaction has been approved by the anti-monopoly regulatory agencies of some countries such as the United States, China, Japan and Russia, but has not yet been approved by the European Union.
The two parties announced the merger in July this year to establish a new entity, Stellatis, and recently released a new logo. Stellantis evolved from the Latin verb “stello”, which means “to illuminate with stars”. PSA Peugeot Citroen said that the new logo demonstrates the unique combination of the 14 well-known auto brands under the new group and reflects the diverse background of employees around the world. At the same time, the new logo also conveys a sense of optimism and vitality, demonstrating the determination of this diversified and innovative new group to become one of the leaders in sustainable mobility in the future.
Fiat and PSA PSA promised to complete the merger by the end of the first quarter of next year. In order to promote the merger process, the two parties also revised the agreement in September this year, reducing the special dividend of Fiat shareholders from 5.5 billion euros to 2.9 billion euros. After the merger transaction is completed, Peugeot Citroen holds 46% of Faurecia’s shares. Will be immediately distributed to all shareholders of the new group.