Exor, a holding company controlled by Italy’s Agnelli family, which owns a 14.4% stake in Stellantis, and the Peugeot 1810 (Peugeot’s family owned holding company) which has a 7.2% stake in the company, issued a joint statement yesterday that they had entered into an understanding “aimed at strengthening the relations between the Agnelli and Peugeot families and to provide support for Stellantis in its long-term success”. Stellantis was formed in January through the merger of Italian-American Fiat Chrysler Automobiles (FCA) and Groupe PSA.
The agreement comes on the eve of the carmakers’ first annual general meeting.
The accord will allow the two companies to exchange views, while leaving them free to vote as they choose and not carrying any obligation to coordinate their actions as Stellantis shareholders, they said.
With over a dozen brands now under Stellantis, it remains to be seen how Citroën will be supported in comparison the Peugeot as a brand with no ownership stake within the carmaker.
The recent introduction on Monday of the C5 X flagship Citroën, the first new model to be rolled out under Stellantis, was already in final form prior to the merger. We have to wonder where brand loyalties will lie when it comes to scrutinizing profitability and applying efficiencies as time marches on. Too early for today’s general meeting, but by this time next year expect the viability of Peugeot vs Citroën, let alone Opel and Vauxhall to be under close examination by both Stellantis management and it’s shareholders.