spot_img
spot_img

Stellantis will buy back $920 million worth of shares from General Motors

In a recently released statement, Stellantis announced it would buy back more than 69.1 million common shares from General Motors. The shares are worth about €923 million, or $919.31 million, equaling about 2.2% of the company’s share capital.

General Motors was initially issued the stake in the form of warrants by PSA Group in 2017 as a part of the company’s sale of its Opel-Vauxhall business. In 2021, PSA merged with Fiat Chrysler Automobiles to become Stellantis in a deal worth $52 billion. The merger created an auto group with a combined sales of around 8.1 million vehicles.

According to the statement, General Motors will convert the warrants into equity shares today. Stellantis will then purchase the shares.

Stellantis will also pay General Motors in a combination of 1.2 million common shares of supplier Faurecia and around €130 million in cash payments for the rights to dividends paid by PSA and Stellantis.

According to the statement, the issue and repurchase of Stellantis common shares will occur on September 15.


dealersDid you enjoy this article? Please share your thoughts, comments, or questions regarding this topic by connecting with us at newsroom@cbtnews.com.

Be sure to follow us on Facebook, LinkedIn, and TikTok to stay up to date.

While you’re here, don’t forget to subscribe to our email newsletter for all the latest auto industry news from CBT News.

spot_img
CBT News
CBT News
For over 10 years, CBT News has been informing and helping automotive retail professionals grow their businesses and thrive in their careers through an awarding-winning, on-demand streaming platform. With exclusive interviews featuring the biggest names in the industry, daily newscasts, up-to-date market data, and exclusive articles covering the latest trends, CBT News is your #1 source for auto industry news and content.

Related Articles

spot_img

Latest Articles

From our Publishing Partners