Index - Economy - Fiat Chrysler and PSA, Inc

Daniel Fowler
January 20, 2021

Fiat Chrysler Automobiles NV and PSA Group went out of their way to make their combination as equal as possible, shedding assets, paying special dividends and distributing board seats.

Tavares said that, unlike French rival Renault, there are no plans for the Peugeot brand to renter the USA market, where it will continue to focus on leveraging the strength of existing nameplates like Jeep and Ram.

"I am very proud to talk to you today to tell you that all of our employees and our management teams are totally focused in the value creation that is embedded in the merger of FCA and PSA, and the creation of Stellantis".

A Milan-based trader said part of the rise can be explained by technical reasons, with funds buying shares to adjust their portfolio exposures to the new company.

The merger is aimed at creating five billion euros in annual savings.

"However, even excluding synergies, . we continue to view Stellantis as underappreciated on all metrics in comparison with its most direct peers", Bosio said in a note.

Stellantis is expected to play a key role in the industry's jump into the new era of electrification.

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And PSA's traditionally Europe-focused Peugeot, Citroen, and Opel.

The stock closed in NY up 3.11%.

Shareholders of both companies overwhelmingly approved the deal for the new company, which will be called Stellantis.

Chairman John Elkann and CEO Carlos Tavares marked the occasion by ringing the bell to opening trading at the markets.

Tavares said Stellantis' mantra is "great rather than big", and that he expects it to realize $6 billion in savings and $30 billion in added value as a result of the tie-up, which has created the world's fourth-largest automaker.

The stock made gains in early trading on Monday, going over the 13-euros mark.

The new entity, which will have an annual global production of around eight million vehicles and revenues of more than 165 billion euros (RM810 billion), is set to take the fight to larger rivals Toyota and Volkswagen. The stock will debut in NY on Tuesday.

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