Stellantis shares rise on debut in Milan and Paris

Stellantis shares rise on debut in Milan and Paris

Shares in Stellantis rose on their first trading day on Monday, after the world's fourth largest carmaker was created on Saturday with the completion of the US$52 billion merger between Fiat Chrysler and Peugeot maker PSA.

Shares in Stellantis start trading up in Milan
Stellantis Chairman John Elkann symbolically rings a bell as shares in the merger between Fiat Chrysler and Peugeot maker PSA began being traded at the Italian stock exchange, in this still image taken from a video, in Milan, Italy, January 18, 2021. Borsa Italiana/Handout via REUTERS

MILAN: Shares in Stellantis rose on their first trading day on Monday, after the world's fourth largest carmaker was created on Saturday with the completion of the US$52 billion merger between Fiat Chrysler and Peugeot maker PSA.

"We have the scale, the resources, the diversity and the knowhow to successfully capture the opportunities of this new era in transportation," Chairman John Elkann said in a video on the Borsa Italiana website.

Milan-listed shares of Stellantis started trading at 12.758 euros and at 0855 GMT were up 4.9per cent at 13.19 euros. The Paris-listed shares traded around the same level.

That compares with Fiat Chrysler's (FCA) close on Friday at 12.57 euros.

Over the weekend, PSA shares were exchanged into new FCA shares. All FCA shares were then renamed as Stellantis.

The stock will debut in New York on Tuesday.

(Reporting by Giulio Piovaccari. Editing by Giulia Segreti and Mark Potter)

Source: Reuters

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