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The shareholders of the PSA group, owner of Peugeot, voted overwhelmingly on Monday to approve the proposed merger of the automaker with Fiat Chrysler.
During an online meeting, 99.85% of PSA investors voted in favor of the deal before a vote by Fiat Chrysler shareholders scheduled for the end of the day.
“We are fully aware that together we will be stronger than individually,” said Carlos Tavares, CEO of PSA, during the meeting. “Both companies are in good health. These two companies have strong positions in their markets. “
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Tavares is expected to become the CEO of the new company, called Stellantis, while Fiat Chrysler John Elkann will serve as president. Fiat Chrysler’s current CEO Mike Manley will head the conglomerate’s North American operations.
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Stellantis will be the fourth largest automaker in the world by volume, with a portfolio of more than 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.