Shareholders of Italian-American automaker Fiat Chrysler and France-based PSA Groupe on Monday authorised a merger plan to create Stellantis, the world’s fourth-largest automotive group.

The voting was one of many final steps for the merger, which the businesses anticipate to shut on Jan. 16. PSA CEO Carlos Tavares, who will lead the mixed firm, mentioned the deal has cleared all regulatory hurdles.

Stellantis’ widespread shares will start buying and selling on the Mercato Telematico Azionario in Milan and Euronext in Paris on Jan. 18, adopted by the New York Inventory Trade on Jan. 19.

“We’re prepared. We’re prepared for this merger. We’re prepared for this worth creation,” Tavares mentioned throughout a digital shareholders assembly Monday. He referred to as this “a historic second” for the corporate.

The merger is predicted to supply about 5 billion euros, or $6.1 billion, in annual price financial savings, based on officers. The automaker’s operations will largely be in North America and Europe. Stellantis will embody 14 automotive manufacturers — from Fiat Chrysler’s Maserati, Jeep and Ram to PSA’s Peugeot, Citroen and Opel.

Plans for the merger have been initially confirmed by the businesses in late 2019. Fiat Chrysler, the world’s seventh-largest automaker, had been on a quest for a tie-up to grow scale and consolidate costs for a number of years.