24/10/2020

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PSA buys back 10m shares from Dongfeng | Automotive Industry News

PSA Team has repurchased 10m of its possess shares from Chinese JV spouse Dongfeng Motor...

PSA Team has repurchased 10m of its possess shares from Chinese JV spouse Dongfeng Motor Team (DFG) and approved an modification to the share repurchase arrangement concluded with DFG.

The 10m shares of PSA representing roughly 1.1% of the share money of the organization.

These shares were being acquired by PSA on 23 September as a result of an off-market place transaction at a selling price of EUR16.385 per share which represents a complete acquire selling price of EUR163,850,000 (excluding expenditures) and will be cancelled soon after the settlement-delivery of the transaction that will get place on 25 September 2020, in accordance with the PSA Team share buyback programme. 

PSA mentioned the transaction was regular with the announcement designed on eighteen December 2019 regarding the contemplated mix of PSA and Fiat Chrysler Vehicles which will entail the generation of Stellantis, the fourth largest world wide OEM by volume in an automotive industry going through elementary improvements.

Issue to ultimate acceptance by the DFG board, PSA and DFG have also agreed to amend the share repurchase arrangement signed on 17 December 2019 to deliver that the added twenty.7m shares coated by the arrangement will have to be marketed by DFG to 1 or various 3rd parties, in 1 or various transactions by the conclusion of 2022 in the function DFG has not marketed all those shares to PSA or to 1 or various 3rd parties ahead of 31 December 2020.