Fiat Chrysler shareholders approve merger with PSA to create Stellantis

The logos of car manufacturers Fiat and Peugeot are seen in front of dealerships of the companies in Saint-Nazaire

MILAN (Reuters) – Shareholders in Italian American carmaker Fiat Chrysler (FCA) on Monday approved a $52 billion plan to merge with Peugeot maker PSA to create Stellantis, the world’s fourth largest automotive group.

Chairman John Elkann said 99.15% of FCA’s shareholders attending a virtual meeting had voted in favour of the merger. That includes top investor EXOR, the holding company of Italy’s Agnelli family, which controls 44.4% of FCA’s voting rights thanks to a loyalty share scheme.

PSA’s shareholders had also given their green light to the merger earlier on Monday.

(Reporting by Giulio Piovaccari; editing by Valentina Za)