April 23, 2021

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Carmaker Stellantis shares buoyed in Milan, Paris on 1st day

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Stellantis, the car company combining PSA Peugeot and Fiat Chrysler, was launched Monday on the Milan and Paris stock exchanges, giving life to the fourth-largest car company in the world

Stellantis shares rose 2.5% in Milan in early trading to 13.18 euros ($15.91), recovering losses to Fiat Chrysler from Friday.

CEO Carlos Tavares said during a virtual bell-ringing ceremony that the merger creates 25 billion euros in shareholder value.

“The focus from day one will be on value creation from synergies, which will increase competitiveness vis-a-vis its peers,” Tavares said.

Stellantis will launch on the New York Stock Exchange on Tuesday, due to the Monday U.S. bank holiday, followed by a press conference with Tavares.

Fiat Chrysler, which was created from the merger of the Italian and U.S. car companies in 2014, closed Friday down 4.35% at 12.57 euros, having gained in previous days. Its closing market capitalization was under 20 billion euros, far off its 2018 highs of more than 30 billion euros.

2021-01-18 04:07:15

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