The French car manufacturers PSA and Italian-american Fiat Chrysler (FCA), which must give birth to the fourth group motor world in terms of volume and third by revenue, ” crossing a major step and announced today that the name of the new group will be Stellantis “, they said in a joint press release.
PSA and Fiat Chrysler reaffirmed that ” the completion of the proposed merger is expected to take place in the first quarter of 2021 “. The new set will house under one roof, iconic brands such as Peugeot, Citroën, Opel, Jeep, Alfa Romeo and Maserati.
” Stellantis is from the latin verb “stello” which means “shining star”. It is based on this alignment the new and promising automotive brands and legendary corporate cultures-strong who, by uniting, create one of the new leaders of the next era of mobility, ” explained the two groups.
“The Latin origins of the name pay tribute to the rich history of the two founding companies, while the evocation of astronomy suggests the true spirit of optimism, energy and renewal capacity of inspiring this merger, which will change the automotive industry,” say again PSA and FCA.
The name Stellantis ” will be used exclusively at the level of the group, as a brand, “corporate “, while the names and logos of existing brands within the two builders “will remain unchanged,” they said.
Waiting for green light
PSA and Fiat Chrysler are going to form a group that will be called Stellantis
“the process of creating The new name began shortly after the announcement of the merger agreement” last December, ” with the support of the Publicis group “, according to the two builders.
The merger must still get the green light from the competition authorities. The european Commission has recently announced the opening of a thorough investigation of this operation, fearing that it would impair competition in the commercial vehicle market.
It will also have to be formally approved at an extraordinary general meeting of shareholders.
The doubts had been issued in recent weeks about the balance of the financial arrangement which provides for a marriage between equals. “Things are progressing exactly as was expected by our teams. The schedule is strictly respected “, has, however, assured the end of June the chairman of the management board of PSA, Carlos Tavares, during the annual general meeting of shareholders.
The new group would have sales of 167 billion euros on the basis of the figures for 2019, in the third place behind Toyota and Volkswagen.
