DETROIT – The merger between Peugeot maker PSA and Fiat Chrysler Automobiles that will lead to the creation of Stellantis was complete Saturday.
According to reports, the merger will create the world’s fourth largest automaker.
“As previously announced, Stellantis’s common shares will begin trading on Euronext in Paris and the Mercato Telematico Azionario in Milan on Monday, January 18, 2021, and on the New York Stock Exchange on Tuesday, January 19, 2021, in each case under the ticker symbol STLA,” read a statement on the completion of the merger released by the FCA Saturday.
The Peugeot and FCA merger has been the subject of much controversy.
Speaking to Local 4 News earlier this month, Frank Rhodes, the great grandson of Walter Chrysler who founded famed auto company Chrysler in 1924 expressed concern over the business deal. Rhodes tried to derail the merger.
“We are concerned a lot of the profits from this company are going to overseas interests, the Chinese, the French and will leave our country,” said Rhodes.
Rhodes is also upset about the possibility the Chrysler brand itself being in jeopardy.
“They closed the Chrysler museum in Auburn Hills and they replaced it with Alpha Romeo and they closed the Viper plant. They’re slowly taking things away and it’s really upsetting,” he added.