Stellantis to debut on two exchanges


This Monday, the bells of the Milan and Paris Stock Exchanges will ring at the same time to mark the debut of Stellantis, the fourth largest automotive group in the world, formed after the merger of Fiat-Chrysler and Peugeot.

The merger of these automotive homes was approved only on January 4 and represents about eight million new units sold worldwide and with revenues of more than $203 billion annually.

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The automotive brands that will circulate under the production of Stellantis range from Fiat and luxury firm Maserati, through Dodge, Jeep, Chrysler and closing the clamp with Opel, Peugeot and DS, among others, for a total of 14 different names. The goal of fusion is to stimulate the production of electric cars.

This Monday, in Paris and Milan, John Elkann, President of Stellantis, and Carlos Tavares, CEO of Stellantis, will ring the traditional opening bell of the three stock exchanges where the shares of the new group will be.

But on the New York Stock Exchange, the initial ringing will have to wait until Tuesday, as markets do not operate on Monday due to the Martin Luther King Jr. Day holiday.

At two extraordinary meetings of separate shareholders, held virtually because of the pandemic, investors in each group supported the merger with approval rates of more than 99 percent of the votes cast.

"We are ready for this merger," PSA Executive Carlos Tavares said at the virtual meeting.

The stock structure will be modified as part of the merger, and existing double voting rights--which accumulate over time and give investors more weight in decisions--will not stand.

Tavares, who will take the helm of the merged group, will have to revive China's automaker's business, rationalize an expanding global empire, and cope with enormous overca capacity, as well as focus, like its rivals, on creating cleaner cars.

FCA Chairman John Elkann, future chairman of Stellantis' board, argued that the new automaker "will play a leading role in the next decade, when mobility is redefined."

FCA Executive Chairman Mike Manley, who will lead Stellantis' key north American operations, said that 40 percent of the expected synergies of the merger - projected at more than five billion euros - will come from platform convergence, transmissions, and the optimization of investments in research and development. With information from Reuters

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