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Fiat Chrysler, PSA Aim to Complete Trans-Atlantic Merger in Mid-January – Fiat Chrysler FCAU 0.55% Automobiles NV and Peugeot PUGOY 1.32% maker PSA Group are accelerating plans to complete their trans-Atlantic merger, saying Monday that the biggest automotive merger this century should be complete mid-January.
The new timeline follows both auto makers winning approval from shareholders for the deal Monday, a critical step needed to move the merger into its final stages. Executives had previously been aiming for completion by the end of the first quarter 2021. They now expect it to be done on Jan. 16.
For more than a year, the two auto makers have been working through the details of the combination, which when completed would create a global auto-making colossus, selling 8.7 million vehicles annually—more than General Motors Co.
The two plan to call the newly combined auto maker Stellantis NV and said Monday it will start trading in Paris and Milan on Jan. 18 and in New York the following day.