Fiat Chrysler Automobiles and France’s Peugeot jointly announced on Wednesday that the new company of their next 50-50 merger would be called “Stellantis”.
“STELLANTIS,” automakers said in a statement, in capital letters for the name, “is rooted in the Latin verb ‘stello’, which means ‘lighting with stars’. It is encouraged through this ambitious new alignment of automotive and strong brands. corporate cultures that, by coming together, create one of the new leaders of the next era of mobility while retaining all the exceptional prices and prices of its constituent elements.
FCA and Peugeot (PSA) announced their intention to merge in late 2019, after FCA and Renault abandoned a tie-up amid a scandal around former Renault-Nissan-Mitsubishi chairman Carlos Ghosn, who was arrested in Japan in November 2018 on allegations of financial malfeasance and later fled to Lebanon.
FCA has been looking for merger opportunities for years. When the vanquished Sergio Marchionne was CEO, he courted Mary Barra, CEO of General Motor, in 2015 to be rejected.
However, the FCA-Peugeot merger, an agreement now expected to be concluded in early 2021, would satisfy Marchionne’s ambition to extract the Agnelli circle of relatives from the automotive industry.
The participation of the Angelli Circle of Relatives, overseen through John Elkann, grandson of Gianni Agnelli, represents about one third of the FCA. Elkann is CEO of Exor, the circle of family members who have a corporate and investment entity. With Marchionne, Elkann stored Fiat and then proceeded to invent FCA, a set of brands. The concept was the price of everything and then rotate the parts.
Ultimately, a merger of FCA-PSA would involve the acquisition of PSA, with CEO Carlos Tavares leading the combined $50 billion giant.
Stellantis, as noted through FCA and Peugeot, would be used “exclusively at the Group level, as a corporate brand”. The respective brands of the companies would not change. FCA and Peugeot have been working with the Publicis Group on the new global identity.
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