FCA shareholders approve merger with PSA to create Stellantis

Shareholders in Italian American automaker Fiat Chrysler Automobiles (FCA) on Monday approved a $52 billion plan to merge with Peugeot maker PSA for creating Stellantis, the world’s fourth largest automotive group.

Chairman John Elkann said 99.15% of FCA’s shareholders attending a virtual meeting had voted in support of the merger. That includes top investor EXOR, the holding company of Italy’s Agnelli family, which owns 44.4% of FCA’s voting rights due to a loyalty share scheme.

PSA’s shareholders had also given their green light to the merger previously on Monday.