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Shareholders in Peugeot owner PSA Group voted overwhelmingly on Monday to approve the automaker’s proposed merger with Fiat Chrysler.
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During an online meeting, 99.85% of PSA investors voted in favor of the deal ahead of a vote by Fiat Chrysler shareholders scheduled for later in the day.
“We are fully aware of the fact that together we will be stronger than individually,'' PSA CEO Carlos Tavares said during the meeting. “The two companies are in good health. These two companies have strong positions in their markets.”
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Tavares is set to become CEO of the new company, called Stellantis, while Fiat Chrysler John Elkann will serve as chairman. Current Fiat Chrysler CEO Mike Manley will run the conglomerate’s North American operations.
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Stellantis will be the world’s fourth-largest automaker by volume, with a portfolio of over a dozen brands and joint ventures including Dodge, Ram, Jeep, Fiat, Peugeot, Citroen and Opel.
If approved by Fiat Chrysler shareholders, the merger could be completed by the end of January.
The Associated Press contributed to this report.
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