PSA Group chairperson Carlos Tavares
Merger with FCA
In May 2019 Fiat Chrysler Automobiles (FCA) announced its intention to seek a merger with Groupe Renault. However, in early June merger talks were suspended, and never resumed. On 31 October 2019, Groupe PSA announced intent to merge with FCA. The merger would be on a 50-50 all stock basis. On 18 December 2019, FCA and PSA announced that they had agreed to the terms of a binding $50 billion merger, expected to be implemented in the next 12 months. The new group is incorporated in the Netherlands and has John Elkann as Chairman of the Board and Carlos Tavares as CEO. On 15 July 2020, the two companies announced that the merged entity will be named Stellantis, from the "Latin verb 'stello' meaning 'to brighten with stars.'" On 4 January 2021, both shareholders of PSA and FCA approved the merger and the deal was closed on 16 January 2021.
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