These two partners need to give birth to the fourth group motor world in terms of volume and third by revenue.
French car manufacturers PSA and Italian-american Fiat Chrysler (FCA) announced on Wednesday that the new group born of their marriage would be called Stellantis, in a joint press release.
The two partners, who 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.
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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.
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The name Stellantis "will be used exclusively at the level of the group, as a mark of corporate'" while the names and logos of existing brands within the two builders "will remain unchanged," they said.
"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.
waiting for a final green light
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 must also be formally approved at a general meeting of shareholders extraordinary.
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.
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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.