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Stellantis Group buys back 934 million euros of shares from Dongfeng Group and plans to write off

2024-02-28 Update From: SLTechnology News&Howtos shulou NAV: SLTechnology News&Howtos > IT Information >

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CTOnews.com November 23 news, Stellantis Group announced today, Stellantis will buy back 50 million Stellantis common shares from Dongfeng Group (accounting for 1.58% of Stellantis share capital before the share cancellation), the total consideration of the above shares is 934 million euros (CTOnews.com Note: Currently about 7.285 billion yuan). Stellantis plans to cancel the above shares.

Pursuant to the Share Repurchase Framework Agreement signed by both parties on July 15, 2022, Dongfeng Group recently made an offer to Stellantis specifying the number of ordinary shares of Stellantis held by Dongfeng Group and the potential trading date, and Stellantis exercised its right to accept this offer.

Upon completion of the transaction, Dongfeng Group will hold 49.2 million common shares of Stellantis, accounting for 1.58% of Stellantis 'share capital. The share repurchase framework agreement previously signed by the two parties continues to be valid for 49.2 million common shares.

Stellantis said that the share repurchase transaction with Dongfeng Group will not affect Stellantis 'share repurchase plan announced on February 22,2023, which will be implemented through the open market by the end of 2023.

▲ CTOnews.com notes that Stellantis Group has been moving continuously in the near future. The company last month planned to invest about 1.5 billion euros (currently about 11.7 billion yuan) to acquire about a 20 percent stake in ZeroCar, making Stellantis Group a significant shareholder in ZeroCar. Stellantis Group will have 2 seats on the board of directors of Zero Run Automobile, and Stellantis Group will appoint the CEO of Zero Run International Joint Venture Company.

On November 21, Stellantis Group signed a strategic memorandum of understanding with Ningde Times, which will supply lithium iron phosphate batteries to Stellantis Group in the European market. In addition, to further support Stellantis Group's electrification strategy and goals, the two parties are exploring the possibility of establishing a joint venture on a reciprocal basis.

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