Shareholders from the PSA and FCA will convene basically conferences in early January with the purpose of approving the automotive producer’s merger as OEM super group Stellantis.
The French and Italian carmakers revealed the brand new Stellantis company again in July in what was described on the time as “a serious step” in the direction of the completion of the 50:50 merger first announced in December final 12 months.
PSA and FCA mentioned that they anticipated completion of the merger venture within the first quarter of 2021, topic to customary closing circumstances, together with approval by each firms’ shareholders at their respective Extraordinary Basic Conferences and the satisfaction of antitrust and different regulatory necessities.
Reporting on the transfer on the time, Autocar journal mentioned that FCA shareholders, who’re anticipating a £5bn dividend as soon as the merger is completed, offered one other potential hurdle following a £5.7bn government-approved bailout of the OEM.
In the present day’s assertion on the progress of the merger mentioned that the 2 OEMs had determined to convene the Basic Conferences of the respective shareholders of the 2 firms on January four with a purpose to approve the merger.
It mentioned that the conferences’ agenda and the draft resolutions that might be submitted to the vote of the shareholders of every firm, in addition to the phrases of participation in these conferences, might be made public on the web sites of the 2 teams on November 23.
If the merger is given the go-ahead, Stellantis will turn out to be the world’s fourth largest vehicle producer by quantity, with a selected power in gentle industrial car (LCV) gross sales throughout the globe.
Mixed, FCA and PSA bought 775,000 vehicles and vans final 12 months, equating to a 34% share of the market.
In November final 12 months an AM ‘News Insight’ feature investigated the potential implications of the merger between PSA and FCA.
Dialogue of the topic led to ideas that FCA Group illustration among the many AM100’s prime retail teams may develop as a interval of franchise consolidation follows the producer’s deliberate merger with PSA Group.