Stellantis NV - EGM 08 March 2021
The shareholders of FCA and PSA approved the merger of the two companies on 4 January 2021 and the new entity was renamed Stellantis.
It is contemplated that Stellantis will make a distribution to the shareholders of Stellantis comprising a distribution in cash, up to €308M, and a distribution in kind, in the form of and up to 54,297,006 Faurecia shares (39 % of the capital).
Proxinvest had criticized the financial conditions of this merger at 50%-50% unfavorable to PSA shareholders, with in particular an exceptional dividend in favor of FCA shareholders higher than a Faurecia distribution in favor of PSA shareholders prior to the merger. Proxinvest is pleased to have been heard since this exceptional dividend has been sharply reduced. In these conditions, the distribution of Faurecia shares to shareholders of Stellantis is acceptable. We recommend approval.
Fiat Chrysler Automobiles is a holding company. Through its subsidiaries, Co. is an international automotive group engaged in designing, engineering, manufacturing, distributing and selling vehicles, components and production systems. Co. has operations in approx. 40 countries and sells its vehicles directly or through distributors and dealers in more than 140 countries. Co. designs, engineers, manufactures, distributes and sells vehicles for the mass market under the Abarth, Alfa Romeo, Chrysler, Dodge, Fiat, Fiat Professional, Jeep, Lancia and Ram brands and the SRT performance vehicle designation.
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