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Fiat Chrysler Automobiles and PSA Group said that investors had approved their $52 billion merger, and that shares in the new company, named Stellantis, would start trading in two weeks.
PSA Group warned of sharp fall in demand for autos this year due to the coronavirus crisis after posting a 15.6 percent drop in first-quarter revenue.
In outlining the industrial side of their merger, PSA Group and Fiat Chrysler Automobiles said that more than two-thirds of their production would be concentrated on just two platforms, with 3 million cars per year on a compact/midsize platform and 2.6 million on a small platform.
PSA Group and Fiat Chrysler Automobiles have no plans to scrap any of their brands following their $50 billion merger, PSA CEO Carlos Tavares told a French television station.
PSA Group has unveiled an Iranian deal to develop and produce three Citroen models through a new joint venture.
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