It's official, or at least, almost official.
Shareholders for Fiat Chrysler Automobiles and PSA voted to merge and become Stellantis, a new mega-automaker combining the two companies with no less than 14 automotive brands under one umbrella.
All that remains in the process is finalizing the deal and offering Stellantis stock, which will be traded at three exchanges: Paris, Milan and New York.
The merger was accelerated in recent weeks, possibly due to costs and losses resulting from the global coronavirus pandemic.
The plan was always to seek shareholder approval and an official launch in the first quarter of 2021, and Jan. 4 had been targeted for the shareholder vote. With that step completed---and with the approval in place---Stellantis is all but here.
According to a press release from FCA, the transition is expected to finalize Jan. 16, and it will become official once Stellantis shares hit markets Jan. 18.
Stellantis will have the capability of building 8.7 million cars per year, according to the Associated Press. Volkswagen, Toyota and Renault-Nissan still have higher capacities, but executives of the new conglomerate are likely more interested in an annual savings of $5 billion resulting from the merger.
This is higher than previously estimated, though the nature of the savings does have some people looking closely at those 14 brands and wondering how many...