PSA said it had rebuyed about 10 million shares for 163. 85 million euros ($191. 9 million), or about 1. 1% of the capital of French automotive, Autonews Europe reports.
The PSA-FCA merger is expected to end in the first quarter of 2021, and the new company will be called “Stellantis”.
Read also: PSA faces increased demand for Peugeot 2008 in Europe
At the same time, PSA also announced a change to its merger agreement with FCA, which first asked the French automaker to buy back a total of Dongfeng’s 30. 7 million shares before the end of this year.
From now on, the remaining 20. 7 million stocks will be sold to “PSA or one of several third parties”, and if transactions are closed by December 31, stocks “must be sold through Dongfeng to one or more third parties, in or more transactions until the end of 2022. »
In December, when PSA first signed its merger agreement, Bpifrance and Dongfeng each held 12. 23% of the shares, taken in 2014 when PSA was about to file for bankruptcy, and Peugeot’s family circle also held a 12. 23% stake. The latter also has the option of expanding its share by means of 2. 5 per cent issues by purchasing shares of Bpifrance or Dongfeng.
Dongfeng agreed last year to sell its stake in PSA to have 4. 5% of Stellantis, 6. 2%. The Chinese company’s possible involvement in Stellantis has even caught the attention of the Trump administration, which intends to review the merger.
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