12:59 pm, January 16, 2021
Groupe PSA and Fiat Chrysler Automobiles’ merger has officially happened today, with the new company to start trading across different markets from next week.
In what was revealed to be a $50bn (£40bn), under the new name Stellantis its common shares will begin trading on Euronext in Paris and the Mercato Telematico Azionario in Milan on Monday, January 18.
The next day (January 19) it will join the New York Stock Exchange, in each case under the ticker symbol ‘STLA’.
Stellantis will be able to produce 8.7m cars a year – behind Volkswagen, Toyota and Renault-Nissan – and create five billion euros annually.
The vote to merge the two companies took place last week (January 6) and was hailed as ‘historic’ by Groupe PSA chief executive Carlos Tavares and Fiat Chrysler chairman John Elkann.
At a virtual shareholders’ meeting, Elkann said: ‘We are living through a profound era of change in our industry.
‘We believe that the coming decade will redefine mobility as we know it.
‘We and our merger partners at Groupe PSA are intent on playing a leading role in building this future. It is this intention that has brought us together.’
- Join our breaking news WhatsApp group – Click here to join now
- Car Dealer Podcast – Listen to the latest episode here
- Car Dealer Top 100 – The most profitable car dealers in the UK here
