Paris (AFP)
The Stellantis title, resulting from the marriage of the manufacturers PSA and Fiat Chrysler, was posted up on the Paris and Milan stock exchanges on the occasion of the first listing on the markets of this global automotive group.
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 is 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.
"Today is a great day, the day of the birth of Stellantis," said 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, with 8 million vehicles sold in 2019.
FCA brought Italian and American brands Abarth, Alfa Romeo, Chrysler, Dodge, Fiat, Jeep, Lancia, Maserati and Ram to Stellantis.
Fiat 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, bought in 2017 from General Motors.
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.
© 2021 AFP