Fiat Chrysler and PSA have sealed their merger on Saturday to create Stellantis, the world's fourth-largest auto group. The new group, more than a year in the making, is the result of a $52 billion deal and is expected to focus on the shift to electric mobility.
"The merger between Peugeot S.A. and Fiat Chrysler Automobiles N.V. that will lead the path to the creation of Stellantis N.V. became effective today," the two automakers said in a statement. Stellantis will be headed by Carlos Tavares, who is currently Chief Executive of PSA.
In celebration of the formation of Stellantis, John Elkann, Chairman, and Carlos Tavares, Chief Executive Officer, will ring the traditional opening bell of the three stock exchanges where Stellantis shares will be listed.