Why PSA and Fiat Chrysler founded Stellantis

Why PSA and Fiat Chrysler founded Stellantis

In any wedding ceremony, there is an important moment in which you make it beautiful: the consent of the future spouse. This is what happened on Monday, January 4. Shareholders of two extraordinary PSA conferences, on the one hand, and Fiat Chrysler (FCA), on the other hand, voted unanimously – more than 99% of the votes in both cases – their unity in the new. The institute christened Stellantis (“star-studded” in Latin), is considered to be the world’s fourth-largest car manufacturer, with about 8 million vehicles sold, 400,000 employees and sales of nearly 170 billion euros.

Therefore, it is clear and large – and pronounced without closed doors, Covid-19 is responsible -, which will be followed by Stellantis’ best constitution, on Saturday, January 16. January 19 in New York.

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“This time, the road is completely free, all suspensions have been removed, rejoices PSA spokesman. The 20 jurisdictions involved – from the European Union to the United States through Turkey – have approved the merger. Only a series of intangible stock market processes prevent us from announcing the formation of Stellantis tomorrow. » A marriage solemnized a little over a year after the declaration of courtship; the matter did not proceed.

“size effect”

“Two French manufacturers in the 4 best in the world, who would think! congratulations Laurent Petizon, French CEO of consulting firm AlixPartners. A few years ago, consultants were working on cases where Peugeot, Renault and Fiat had disappeared from the theme. » Truth, “historical” it was the most heard on this January 4, used by Louis Gallois, chairman of the PSA management board, who was leaving the business world, and John Elkann, Agnelli’s family head, FCA chairman and future president. of Stellantis, and Carlos Tavares, PSA boss and general director of the new group.

“Such an operation can be beneficial in geographical terms. But at the heart of it is industrial cooperation,” said Laurent Petizon, of AlixPartners.

Even on the other side of the Atlantic, where Chrysler has its historical quarters, we take the case with enthusiasm. “I become a PSA”, he noted with a laugh, and congratulated himself, an American FCA executive, says the witness. On the political front, two French and Italian economists, Bruno Le Maire and Stefano Patuanelli, welcomed him. “Performance and leadership of the European automotive industry”.

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