Jan. 4 (UPI) — Fiat Chrysler and Peugeot mentioned Monday shareholders accredited a merger of the 2 corporations to type Stellantis.

Shareholders of Italian automaker Fiat Chrysler and French producer Peugeot, also called Group PSA, accredited the merger to create Stellantis at conferences Monday by an amazing majority, with greater than 99% of votes forged in favor of it, in keeping with a Fiat Chrysler Cars press launch.

The businesses count on to shut the merger on Jan. 16, and have already acquired the ultimate regulatory clearances over the past month, together with from the European Fee and the European Central Financial institution, in keeping with the discharge. Following the merger, Stellantis’ frequent shares will start buying and selling within the markets in Italy and Paris on Jan. 18 and on the New York Inventory Change on Jan. 19.

The merger will embody manufacturers starting from FCA’s Maserati, Jeep and Ram to Peugeot’s Citreon and Opel. It’s anticipated to offer about $6.1 billion in annual value financial savings, in keeping with officers.

The businesses introduced plans for the merger to create the world’s fourth-largest automaker, with 400,000 staff and $190 billion in internet gross sales, in late October.

Of their joint announcement, the businesses pledged to carry the businesses collectively to construct on rising know-how capabilities to turn out to be a “world chief for a brand new period in sustainable mobility.”

The merger may even unite the businesses model strengths throughout luxurious, premium, mainstream passenger automotive, SUV, vans and lightweight industrial, in keeping with the announcement.

Stellantis might be primarily based within the Netherlands at Fiat Chrysler headquarters, and FCA Chairman John Elkann and Peugeot CEO Carlos Tavares will keep their roles on the new firm.

When FCA and Peugeot merge, the mixed automaker Stellantis, value roughly $50 billion, would be the fourth-largest automaker worldwide behind Volkswagen, Renault-Nissan and Toyota.

Tavares known as the shareholders approval of the merger “a historic second” for the corporate.