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Stellantis mega-merger gets approval from FCA, PSA shareholders

MILAN — Shareholders of Fiat Chrysler and PSA Peugeot decisively voted Monday to merge the U.S.-Italian and French carmakers to create worldÂ’s 4th-largest auto company. Addressing separate meetings, both PSA Peugeot CEO Carlos Tavares and Fiat Chrysler Chairman John Elkann spoke of the “historic” importance of the vote, which combines legacy car companies that helped write the industrial histories of the United States, France and Italy. Before the merger is finalized, shares in the new company, to be called Stellantis, must the launched. It will be traded in Milan, New York and Paris. The marriage of PSA Peugeot and Fiat Chrysler Automobiles is built on the promise of cost-savings in the capital-hungry industry, but what remains to be seen is if it will be able to preserve jobs and heritage brands in a global market still suffering from the pandemic. The deal will create the worldÂ’s fourth-largest carmaker, with the capacity to produce 8.7 million cars a year, behind Volkswagen, Toyota and Renault-Nissan, and create 5 billion euros in annual synergies.  “We are fully aware of the fact that together we will be stronger than individually,'' PSA CEO Carlos Tavares told a virtual gathering of eligible shareholders. “The two companies are in good health. These two companies have strong positions in their markets.” The new company will put together under one roof French mass-market carmakers Peugeot and Citroen, top-selling Jeep and Italian luxury and sports brands Maserati and Alfa Romeo - pooling companies that have helped define the industry in the United States, France and Italy. While the tie-up is billed as a merger of equals, the power advantage goes to PSA, with Tavares running Stellantis and holding the tie-breaking vote on the 11-seat board. Tavares is set to take full control of the company early this year, possibly by the end of January. Fiat Chrysler chairman John Elkann, heir to the Fiat-founding Agnelli family and Fiat ChryslerÂ’s biggest shareholder, will be the Stellantis chairman. Fiat Chrysler CEO Mike Manley will head North American operations, which is key to Tavares' long-time goal of getting a U.S. foothold for the French carmaker he has run since 2014, and the clear money-maker for Fiat Chrysler. Such a deal was long wanted by Fiat ChryslerÂ’s long-time CEO Sergio Marchionne, who had predicted the necessity of consolidation in the industry. He was unable to find a deal before his sudden death in July 2018.

Jeep Grand Cherokee Trailhawk revived and leaked

We'd love to tell you all about the Jeep Grand Cherokee Trailhawk you see here. Thing is, we don't really know all that much. That's because, according to our colleagues at Jalopnik, it hasn't quite been officially unveiled yet. But that's probably right around the corner, now that the cat is out of the bag. From the leaked images, we can tell that this Grand Cherokee Trailhawk is a lot like the Trailhawk that was produced as a special edition for the 2013 model year. Even the graphics look similar. Expect to see some aggressive tires to go along with all the best off-road goodies Jeep has to offer. Throw in some red tow hooks to match the contrasting interior stitching, mix together some underbody protection, and you've probably got yourself a Trailhawk. We'll have to wait until FCA decides to unleash the official goods to know for sure what we're looking at, but we doubt there's a supercharged V8 underhood. We do know that's coming, hopefully soon, but this isn't it. So, while we patiently wait for that Hellcat-powered Trackhawk to make an appearance outside the realm of spy shots, enjoy the Trailhawk you see here. Related Video: Featured Gallery Jeep Grand Cherokee Trailhawk Jeep SUV Off-Road Vehicles

Submit your questions for Autoblog Podcast #336 LIVE!

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