Stellantis Repurchases $1.02 Billion Shares From Dongfeng Motor
November 23 2023 - 1:53AM
Dow Jones News
By Helena Smolak
Stellantis has bought back 50 million common shares from
Dongfeng Motor International valued at 934 million euros ($1.02
billion).
The maker of Jeep, Dodge and a dozen other brands said late
Wednesday that it will cancel the shares from the Hong Kong-based
company, a subsidiary of China's Dongfeng Motor Group Company.
Stellantis has a joint venture with the parent company.
The transaction comes after the subsidiary made an offer to
Stellantis in July specifying the number of shares to sell and the
potential timing of the sale. Pricing was set at the five-day
average closing price of Stellantis shares on Euronext Milan prior
to the date on which Dongfeng submitted an offer, Stellantis
said.
Dongfeng will retain 1.6% of Stellantis' share capital
post-cancellation.
The share repurchase transaction with Dongfeng will not impact
Stellantis' EUR1.5 billion open-market share repurchase program,
scheduled for completion by the end of 2023, the company said.
Write to Helena Smolak at helena.smolak@wsj.com
(END) Dow Jones Newswires
November 23, 2023 01:38 ET (06:38 GMT)
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