Mubasher: The top shareholders in Peugeot owner PSA have approved the group’s merger with Fiat Chrysler (FCA) to establish the world’s fourth largest automaker, Reuters reported.

During a special meeting held on Monday, nearly all investors with double voting rights have voted for the transaction to create the new company, Stellantis.

The PSA's top shareholders backing the deal include the Peugeot family and China’s Dongfeng.

Meanwhile, FCA investors were due to vote on the agreement.

Stellantis will have 14 brands, varying from FCA’s Fiat, Maserati, and the US-focused Jeep, Dodge, and Ram to PSA’s Peugeot, Citroen, Opel, and DS.

It is noteworthy to mention that in December 2019, the Italian-US carmaker FCA and France’s Groupe Peugeot manufacturer PSA announced a binding agreement for a 50/50 merger worth $50 billion.