Fiat Chrysler chairman John Elkannv in a meeting said that the US-Italian automaker will be taking a ‘courageous step’ after the shareholders approved their merger with PSA by more than 99%, AFP reported.

“The coming decade will redefine mobility: we are intent on playing a leading role in building this new future,” AFP quoted Elkannv as saying.

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The shareholders Fiat Chrysler on Monday approved a merger with France’s PSA 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 company, “Stellantis”.

“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 those pioneering years,” John Elkannv said.

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He added: “This is a combination of two companies that have demonstrated extraordinary 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, Alfa Romeo and Maserati.