Stellantis, the world's fourth largest automaker, will buy back about 923 million euros of shares from General Motors

CTOnews.com Sept. 14, local time on September 13, Stellantis Group announced that it has signed a share buyback agreement with GM subsidiary General Motors Holdings LLC for 69.1 million shares of Stellantis common shares.

This accounts for about 2.2 per cent of Stellantis's share capital, which GM is entitled to acquire when exercising equity warrants issued by PSA to GM in 2017, Stellantis said.

According to reports, as part of PSA's acquisition of Opel / Vauxhall automotive business, PSA issued the above equity warrants to GM. Upon exercise of the equity warrant, Stellantis will also pay GM approximately 1.2 million shares of Foggia common stock and a total of approximately 130 million euros (approximately 906 million yuan) in cash dividends paid by PSA and Stellantis to which GM is entitled.

CTOnews.com understands that under this share repurchase agreement, the issue and repurchase of Stellantis common shares related to the agreement will take place on September 15, 2022. The total purchase price paid by Stellantis for the common shares is about 923 million euros (about 6.433 billion yuan).

Stellantis's purchase of Stellantis common stock from GM will be conducted under the authority granted by Stellantis's general meeting on April 13, 2022.