Fiat Chrysler Automobiles N.V. and Peugeot S.A. announced that their respective shareholders’ meetings, held Monday, 4 January, approved the merger of FCA and Groupe PSA to create Stellantis N.V. by an overwhelming majority (with more than 99% of the votes cast in favor of the transaction).

The shareholders of FCA also approved merger related matters, including adoption of the Stellantis’ Articles of Association and appointment of the previously announced members of the Board of Directors of Stellantis, in each case effective as of the date following completion of the merger.

Stellantis will be the world’s fourth-largest carmaker, with the capacity to produce 8.7 million cars a year, behind Volkswagen, Toyota and Renault-Nissan. The companies expect to create €5 billion in annual synergies.

PSA has set a goal of having all-electric or hybrid powertrains on its entire model range by 2025, while Fiat Chrysler has committed to electrifying 30 of its models by 2022.