Shareholders approve FCA-Groupe PSA merger; here's what's next
The shareholders of Fiat Chrysler Automobiles N.V. (FCA) and Peugeot S.A. (Groupe PSA) have approved a merger of the two companies to create Stellantis N.V. (Stellantis). More than 99 percent of the votes cast were in favor of the transaction.
As part of the merger vote, shareholders of FCA also approved the adoption of the Stellantis' Articles of Association and appointment of the previously announced members of the Board of Directors of Stellantis.
The Board of Directors was announced in October 2020 and includes various members of 11 members. FCA and its reference shareholder Exor nominated five members and Groupe PSA and two of its reference shareholders (EPF/FFP and BPIfrance). nominated five members.
The non-executive directors include Andrea Agnelli (board member of Fiat and Exor), Fiona Clare Cicconi (Google's new head of people operations), Nicolas Dufourcq (general manager of BPIfrance), Ann Frances Godbehere (Non-Executive Independent Director of Royal Dutch Shell Plc), Wan Ling Martello (former Executive Vice President of Nestle, also sits on Uber's board of directors), Jacques de Saint-Exupéry (longtime union insider in France) and Kevin Scott (Microsoft's chief technology officer).
John Elkann will serve as Chairman and Robert Peugeot will be Vice Chairman. Current FCA CEO Mike Manley will not serve on the board. He will instead head up the company's efforts in the Americas.
All appointments are effective on the date of the merger's completion.
What's next for Stellantis
The final regulatory clearances for the company were completed over the course of the last month, including those from the European Commission and the European Central Bank. With those in hand, the merger is expected to be completed on January 16, 2021.
Stellantis' common shares will begin trading on the Euronext in Paris and on Mercato Telematico Azionario in Milan on Monday, January 18, 2021, and on the New York Stock Exchange on Tuesday, January 19, 2021.
There is no official word on when vehicles by Groupe PSA's brands will make their way to U.S. markets. It's more likely that ahead of any brand emergence, there will be Groupe PSA vehicle components that make their way into traditionally FCA products. This includes electrification technology, which FCA's U.S. brands have only just started tapping into.