AGL 37.50 Decreased By ▼ -0.08 (-0.21%)
AIRLINK 222.89 Increased By ▲ 0.46 (0.21%)
BOP 10.82 Decreased By ▼ -0.14 (-1.28%)
CNERGY 7.56 Decreased By ▼ -0.10 (-1.31%)
DCL 9.42 Decreased By ▼ -0.21 (-2.18%)
DFML 40.96 Decreased By ▼ -0.74 (-1.77%)
DGKC 106.76 Decreased By ▼ -3.99 (-3.6%)
FCCL 37.07 Decreased By ▼ -0.99 (-2.6%)
FFL 19.24 Increased By ▲ 0.95 (5.19%)
HASCOL 13.18 Decreased By ▼ -0.19 (-1.42%)
HUBC 132.64 Decreased By ▼ -2.32 (-1.72%)
HUMNL 14.73 Decreased By ▼ -0.86 (-5.52%)
KEL 5.40 Decreased By ▼ -0.16 (-2.88%)
KOSM 7.48 Increased By ▲ 0.07 (0.94%)
MLCF 48.18 Decreased By ▼ -2.15 (-4.27%)
NBP 66.29 Decreased By ▼ -0.18 (-0.27%)
OGDC 223.26 Decreased By ▼ -5.35 (-2.34%)
PAEL 43.50 Increased By ▲ 0.13 (0.3%)
PIBTL 9.07 Decreased By ▼ -0.23 (-2.47%)
PPL 198.24 Decreased By ▼ -4.89 (-2.41%)
PRL 42.24 Decreased By ▼ -0.62 (-1.45%)
PTC 27.39 Increased By ▲ 0.06 (0.22%)
SEARL 110.08 Increased By ▲ 3.06 (2.86%)
TELE 10.52 Increased By ▲ 0.74 (7.57%)
TOMCL 36.62 Decreased By ▼ -0.01 (-0.03%)
TPLP 14.95 Decreased By ▼ -0.28 (-1.84%)
TREET 26.53 Decreased By ▼ -0.26 (-0.97%)
TRG 68.85 Decreased By ▼ -1.30 (-1.85%)
UNITY 34.19 No Change ▼ 0.00 (0%)
WTL 1.79 Increased By ▲ 0.03 (1.7%)
BR100 12,363 Decreased By -32.9 (-0.27%)
BR30 38,218 Decreased By -629.2 (-1.62%)
KSE100 117,120 Increased By 111.6 (0.1%)
KSE30 36,937 Increased By 72.2 (0.2%)
Business & Finance

Peugeot shareholders approve autos mega-merger with Fiat

  • The deal to form the new company called Stellantis was first backed by top investors with double voting rights.
  • Tavares, who will take the helm of the merged group, will have to revive the carmaker's fortunes in China.
Published January 4, 2021

PARIS: Shareholders in Peugeot owner PSA gave the green light on Monday to the French company's merger with Fiat Chrysler (FCA), one of the last steps towards creating the world's fourth largest automaker.

At a special shareholder meeting, the deal to form the new company called Stellantis was first backed by top investors with double voting rights, including the Peugeot family, China's Dongfeng and the French state, via Bpifrance.

All other PSA shareholders backed the deal at a second meeting held online with a 99.85% approval rate among votes cast. FCA investors are due to give their verdict later on Monday.

"We are ready for this merger," PSA Chief Executive Carlos Tavares said, adding that the date for the closure of the deal would be announced shortly if all shareholder approvals were granted. He said the deal had now passed all regulatory tests.

The shareholding structure will be altered as part of the merger, and existing double voting rights - which are accrued over time and give investors more weight in decisions - will not be carried over.

Tavares, who will take the helm of the merged group, will have to revive the carmaker's fortunes in China, rationalise a sprawling global empire and address massive overcapacity, as well as focus like rivals on creating cleaner cars.

Stellantis will have 14 brands, from FCA's Fiat, Maserati and US-focused Jeep, Dodge and Ram to PSA's Peugeot, Citroen, Opel and DS. PSA has traditionally been more focused on Europe.

Comments

Comments are closed.