Official: The merger of the two auto giants will take effect on January 16, 2021.

The merger of Groupe PSA and FCA is complete, making the company the world’s fourth-largest manufacturer by revenue. Carlos Tavares, former head of PSA, will lead the newly formed company as CEO, with other senior positions to be confirmed in the coming days.

The name Stellantis comes from the Latin “stello” meaning “to shine with the stars.” According to the most recent sales data, annual production of Stellantis is 8.7 million units, second only to the Volkswagen Group, Toyota and Renault-Nissan Alliance. The newly merged company will also become the world’s third-largest manufacturer by revenue, with annual sales of €170 billion (£144.3 billion).

The merger appears to be beneficial to both parties. PSA can access the US market and FCA can use PSA’s newest (and electrified) vehicle platform. Other possibilities may also be in development, such as autonomous driving and connected vehicle projects.

Ownership of the combined company is split 50/50 between PSA and FCA shareholders. Investors of the first brand will receive a dividend of €5.5 billion (£4.7 billion) and shareholders of the latter brand will receive €3 billion (£2.6 billion) of dividends.

PSA: Enter the US market

Tavares said the merger could disrupt PSA’s plans to enter the North American market. “We see FCA’s strength in North America as outstanding and we have 12 months to think about it [while the merger process is finalizing].”