Fiat Chrysler Automobiles shareholders have approved a $52 billion deal to merge with the PSA Group and create Stellantis, a new organisation that will be the world’s 4th largest car maker.

More than 99% of shareholders who attended a virtual meeting backed the merger. The move follows similar approval by PSA owners.

The merger now means that Stellantis can go head, creating a group that currently has annual sales of 7.9 million vehicles with a turnover in the region of €180 billion and profits of €10 billion.

The new group will have a headoffice in the Netherlands.