AIRLINK 74.01 Decreased By ▼ -0.55 (-0.74%)
BOP 5.01 Decreased By ▼ -0.05 (-0.99%)
CNERGY 4.47 Increased By ▲ 0.01 (0.22%)
DFML 41.55 Increased By ▲ 1.82 (4.58%)
DGKC 87.14 Decreased By ▼ -0.41 (-0.47%)
FCCL 21.79 Decreased By ▼ -0.14 (-0.64%)
FFBL 34.20 Decreased By ▼ -0.39 (-1.13%)
FFL 9.98 Increased By ▲ 0.23 (2.36%)
GGL 10.45 Decreased By ▼ -0.04 (-0.38%)
HBL 113.58 Decreased By ▼ -0.21 (-0.18%)
HUBC 136.00 Decreased By ▼ -0.52 (-0.38%)
HUMNL 11.90 Increased By ▲ 1.00 (9.17%)
KEL 4.85 Increased By ▲ 0.18 (3.85%)
KOSM 4.56 Decreased By ▼ -0.08 (-1.72%)
MLCF 38.30 Decreased By ▼ -0.16 (-0.42%)
OGDC 135.70 Decreased By ▼ -0.44 (-0.32%)
PAEL 26.72 Increased By ▲ 0.11 (0.41%)
PIAA 20.80 Decreased By ▼ -1.69 (-7.51%)
PIBTL 6.75 Increased By ▲ 0.08 (1.2%)
PPL 122.40 Increased By ▲ 0.11 (0.09%)
PRL 26.93 Decreased By ▼ -0.04 (-0.15%)
PTC 14.49 Increased By ▲ 0.58 (4.17%)
SEARL 59.61 Decreased By ▼ -0.26 (-0.43%)
SNGP 70.00 Decreased By ▼ -0.06 (-0.09%)
SSGC 10.34 Decreased By ▼ -0.01 (-0.1%)
TELE 8.59 Increased By ▲ 0.05 (0.59%)
TPLP 11.33 Decreased By ▼ -0.01 (-0.09%)
TRG 65.30 Decreased By ▼ -0.70 (-1.06%)
UNITY 26.16 Decreased By ▼ -0.17 (-0.65%)
WTL 1.34 Decreased By ▼ -0.01 (-0.74%)
BR100 7,860 Increased By 35.9 (0.46%)
BR30 25,386 Decreased By -19.5 (-0.08%)
KSE100 75,294 Increased By 209.8 (0.28%)
KSE30 24,198 Increased By 103.9 (0.43%)
Business & Finance

Fiat, PSA pick 'Stellantis' as name for merged company

  • The tie-up, which was announced at the end of October and is to be finalised early next year, will create the world's fourth-largest automaker.
Published July 15, 2020

PARIS: Fiat Chrysler (FCA) and Peugeot Citroen (PSA) said on Wednesday they had agreed to call the group formed by their mega-merger "Stellantis".

The tie-up, which was announced at the end of October and is to be finalised early next year, will create the world's fourth-largest automaker.

In a joint statement, the two automakers said naming the future company was "a major step as they move towards the completion of their 50:50 merger".

The name is rooted "in the Latin verb 'stello' meaning 'to brighten with stars'", according to the statement.

"It draws inspiration from this new and ambitious alignment of storied automotive brands," it said.

The next step would be the unveiling of a logo for Stellantis.

"The name's Latin origins pay tribute to the rich history of its founding companies while the evocation of astronomy captures the true spirit of optimism, energy and renewal driving this industry-changing merger," the statement read.

The combined company will unite brands such as Peugeot, Citroen, Fiat, Chrysler, Jeep, Alfa Romeo and Maserati into one global giant.

European Union authorities said last month that the plan would undergo an exhaustive probe over concerns it will stifle competition.

The EU worries about the merger's effect on Europe's highly-profitable market for vans, which are technically easy to manufacture but sold at good prices.

Apart from satisfying regulatory requirements, the companies said they also still need to secure approval from their respective shareholders.

Subject to all customary conditions the merger is still on track to close by the end of the first quarter of 2021, they said.

Comments

Comments are closed.