MILAN: Fiat Chrysler Automobiles N V (FCA) and Peugeot S A (PSA)sealed their long-awaited merger on Saturday to create Stellantis, the world’s fourth-largest auto group with deep enough pockets to fund the shift to electric driving and take on bigger rivals Toyota and Volkswagen.
It took over a year for the Italian-American and French automakers to finalise the US$52bil deal, during which the global economy was upended by the Covid-19 pandemic. They first announced plans to merge in October 2019, to create a group with annual sales of around 8.1 million vehicles.
“The merger between PSA and FCA that will lead the path to the creation of Stellantis N V became effective today, ” the two automakers said in a statement.
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