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 $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 4.9% 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