The Stellantis title, resulting from the marriage of manufacturers PSA and Fiat Chrysler, posted a sharp rise on the Paris and Milan stock exchanges on the occasion of the first listing on the markets of this global automotive group.
Read also: The Italian unions on their guard after the merger between PSA and Fiat Chrysler Automobiles
At around 1:01 p.m. (12:01 p.m. GMT), Stellantis shares traded up 4.41% to 13.44 euros on the Paris Stock Exchange according to Euronext data, and up 6.87% to 13.43 euros on that of Milan.
The title will also be listed on Wall Street from Tuesday.
On Euronext, the reference price of the share was set at 12.57 euros for 3.1 billion shares admitted to trading, i.e. a market capitalization of 39.2 billion euros, said in a press release on manager of the Paris Stock Exchange, in the process of absorbing that of Milan.
"
A new company, a new start, it's a historic achievement for all of us
," said Stellantis Chairman of the Board, John Elkann, before symbolically ringing the bell on the Milan Stock Exchange.
A group made up of more than 14 brands
"
Today is a great day, the day of the birth of Stellantis
", congratulated Carlos Tavares, general manager of the new group.
“
From that day forward, we will leverage the benefits of this € 25 billion merger to achieve a strong performance and further increase shareholder value by leveraging our exceptional competitive advantages
,” he said. added, quoted in the Euronext press release.
The PSA and FCA groups officially united on Saturday to form Stellantis, the world's fourth largest automotive group.
The group's 14 brands represent around 9% of the global automotive market, for 8 million vehicles sold in 2019. FCA has contributed to Stellantis the Italian and American brands Abarth, Alfa Romeo, Chrysler, Dodge, Fiat, Jeep, Lancia, Maserati and Ram.
Fiat had separated from Ferrari in 2016. PSA had in its bag the French Peugeot, Citroën and DS, as well as the German Opel and the British Vauxhall, acquired in 2017 from General Motors.
Read also: PSA and Fiat Chrysler put Stellantis in orbit
PSA shareholders received 1,742 Stellantis shares for each share held.
FCA shareholders, for their part, obtained one share from the future ensemble for each share held.
