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The shareholders of US-Italian automaker Fiat Chrysler on Monday approved a merger with France’s PSA by more than 99%, greenlighting the creation of the world’s fourth-largest carmaker by volume.

The virtual vote came just hours after PSA shareholders also backed the creation of the new firm, “Stellantis".

Fiat Chrysler chairman John Elkann told the meeting that the “historic" move was another “courageous step" for the company that itself was created out of a merger in 2014.

“The coming decade will redefine mobility: we are intent on playing a leading role in building this new future," he said. “This is a challenging era, but also a very exciting one. I believe it is a moment very much like the one our founding fathers seized with great energy in pioneering years. “

He added: “This is a combination of two companies that have demonstrated resilience and ingenuity. Now, they are showing the foresight to combine their strengths to address the global challenges of our industry."

The new company brings together PSA’s Peugeot, Citroen and other brands with Fiat Chrysler’s namesake brands as well as Jeep and Maserati.

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