Stellantis: Fiat-Chrysler and Peugeot-Citroen merger set for European approval – UPDATE
The $53.3 billion merger will consolidate 14 manufacturers, and ultimately form the world's fourth largest automotive group.
UPDATE, November 10, 2020: Today, the merged Fiat Chrysler and PSA Groupe (Peugeot Citroen) companies have revealed the final version of their Stellantis logo.
In its finished form, the logo adds a dotted starburst device to the A of the Stellantis wordmark revealed in July – reflecting the Latin term 'stello'; "to brighten with stars".
In a statement released today, the group said: "The logo symbolises the rich heritage of Stellantis’ founding companies and the unique combined strengths of the new group’s portfolio of 14 storied automotive brands, as well as the diversity of professional backgrounds of its employees working in all the regions."
"Along with the Stellantis name, it is the visual representation of the spirit of optimism, energy and renewal of a diverse and innovative company determined to be one of the new leaders in the next era of sustainable mobility."
Beyond its new logo, however, the Stellantis group must still wait on final approval from shareholders and – more importantly – a European Union decision that the merger does not clash with antitrust laws. As reported below, this is expected to be formalised in the first quarter of 2021.
Mike Stevens
October 27, 2020: A high-profile merger between FCA (Fiat-Chrysler) and PSA (Peugeot-Citroën) is reportedly set for approval by the European Commission.
News outlet Reuters reported earlier this week that sources close to the matter confirmed the approval was imminent.
Headquartered in the Netherlands, the eventual conglomerate – to be known as Stellantis – will comprise Citroën, Chrysler, Peugeot, Fiat, Dodge, Abarth, Alfa Romeo, DS, Jeep, Lancia, Maserati, Opel, Ram, and Vauxhall.
The US$38 billion (AU$53.3 billion) consolidation will effectively establish the world’s fourth largest automotive manufacturer.
Existing company heads – John Elkann (FCA) and Carlos Tavares (PSA) – will serve as Chairman and CEO respectively.
Expected to be finalised in the first quarter of 2021, the merger will reportedly save the individual brands a total of US$4.22 billion (AU$5.9 billion) each year without the closure of any factories.
The European Commission had originally given 22 October 2020 as the date by which a decision would be made on the merger, but delayed the deadline citing a lack of documentation being submitted by the two parties.
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