Peugeot shareholders approved a $52 billion merger with Fiat to create the world's fourth-biggest carmaker

• Investors in Peugot have approved the group's merger with Fiat Chrysler, inching the pair closer to creating the world's fourth-biggest carmaker.
• The deal was backed by more than 99% of investor votes cast in a meeting on Monday.
• Fiat Chrysler shareholders are expected to vote on the merger later on Monday.
• The new company will reportedly be worth $52 billion, per Yahoo Finance, and will be called "Stellantis," meaning to brighten with stars.

Shareholders in Peugeot owner PSA on Monday gave the green light for the French company to merge with Fiat Chrysler, bringing the companies closer to creating the world's fourth largest automaker.

Fiat Chrysler investors are due to give their verdict later on Monday.

The new company will reportedly be worth $52 billion, per Yahoo Finance, and will be called "Stellantis" which means to brighten with stars.

At a special shareholder meeting, the deal to form the Stellantis was first backed by top investors with double voting rights, including the Peugeot family, China's Dongfeng and the French state, via Bpifrance.

All other PSA shareholders backed the deal at a second meeting held online with a 99.85% approval rate among votes cast.

On December 21, Fiat Chrysler and Peugeot gained EU antitrust approval for Stellantis after pledging to help boost Japanese rival Toyota Motor.

"We are ready for this merger," PSA chief executive Carlos Tavares said, adding that the date for the closure of the deal would be announced shortly if all shareholder approvals were granted. He said the deal had now passed all regulatory tests.

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The shareholding structure will be altered as part of the merger and existing double voting rights - which are accrued over time and give investors more weight in decisions - will not be carried over.

Tavares, who will take the helm of the merged group, will have to revive the carmaker's fortunes in China, rationalise a sprawling global empire and address massive overcapacity, as well as focus like rivals on creating cleaner cars.

Stellantis will have 14 brands, from Fiat Chryslers's Fiat, Maserati and US-focused Jeep, Dodge and Ram to PSA's Peugeot, Citroen, Opel and DS. PSA has traditionally been more focused on Europe.