Goodbye FCA and goodbye PSA. When the merger between the two automobile groups is completed, creating the 4th largest automobile group in the world in the process, it will be known as Stellantis.
Where does this unusual name come from? According to the official statement, the name Stellantis comes from the Latin verb “stello”, which means “to illuminate with stars”:
“The name is inspired by this ambitious new alignment of legendary car brands and strong business cultures that, with this union, create one of the new leaders of the next era of mobility, while preserving all the exceptional value of the new company as well. as the values of the parties constitute it.”
Stellantis will become the new corporate brand, the way we will identify the new Group. Not only did we learn the name of the new car giant, the logo that you can see in the pictures was also revealed.
And the fusion, where is it?
The completion of the merger process, according to the FCA and PSA, should be completed in the first quarter of 2021 . Negotiations are taking place at the moment, including approval by the shareholders of both companies, at the respective Extraordinary General Meetings.
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Regulators also continue to scrutinize the entire process. We recently saw the European Commission launch an investigation over fears that this new giant, now called Stellantis, will gain a dominant position in the commercial vehicle sector, threatening competition laws — the combined numbers of the two groups will result in a share of 34% on the European market.
The investigation deadline was recently extended to Nov. 13 — the investigation was originally supposed to end in October — after the European Commission asked the parties involved to come forward with some concessions, something they never got around to doing.
The competition authorities in the US, China, Japan and Russia have already given the green light for the merger to proceed, so the approval of the European Union is lacking.