Shareholders approve Fiat Chrysler, PSA merger

Shareholders of Fiat Chrysler and Peugeot's parent company PSA have given the go-ahead to a merger. The move will create the world's fourth-largest carmaker to be called Stellantis.

The Europe-based automakers launched talks two years ago. The EU granted antitrust approval for the deal last month.

Fiat Chrysler Chairman John Elkann said " We believe that the coming decades will redefine mobility as we have known it. We and our merger partners at Group PSA are intent on playing a leading role in building this new futures and it is this intention that has brought us together."

Brands within the combined company will include Peugeot, Fiat and Jeep.

Stellantis will trail Volkswagen, Toyota and the Renault-Nissan-Mitsubishi alliance in terms of global sales.

Executives at Fiat Chrysler and PSA reportedly hope to focus their expertise and resources on the development of electric vehicles.

They are aiming to complete the deal by January 16th.