(WXYZ) — Shareholders for Fiat Chrysler Automobiles and Peugeot S.A. approved the merger of FA and Groupe PSA to create the new company Stellantis.
According to the companies, more than 99% of shareholders voted in favor of the merger.
The two companies announced a merger in October 2019 that would create the world’s fourth-largest auto company worth $50 billion and producing 8.7 million cars a year — just behind Toyota, Volkswagen and the Renault-Nissan alliance.
The merger is expected to create 3.7 billion euros in annual savings, which will be invested in "the new era of sustainable mobility'' and to meet strict new emissions regulations, particularly in Europe.
It's expected to be complete by Jan. 16, 2021 with Stellantis' shares to begin trading on the New York Stock Exchange on Jan. 19, 2021.