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Groupe PSA repurchases 10 million of its own shares from Dongfeng Motor Group (DFG) and approves an

Discussion in 'Mopar / FCA News' started by T_690, Sep 23, 2020.

  1. T_690

    T_690 Well-Known Member

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    Groupe PSA repurchases 10 million of its own shares from Dongfeng Motor Group (DFG) and approves an amendment of the Share Repurchase Agreement concluded with DFG

    Wed, 23/09/2020 - 08:30


    Pursuant to terms of the Share Repurchase Agreement signed on 17 December 2019[1] and the decision of the Supervisory Board on 14 September 2020, DFG has sold to Groupe PSA 10 million common shares of Peugeot S.A. representing approximately 1,10% of the share capital of the company.

    These shares are acquired by Groupe PSA on 23 September through an off-market transaction at a price of €16.385 per share[2] which represents a total purchase price of €163,850,000 (excluding costs) and will be cancelled after the settlement-delivery of the transaction that will take place on 25 September 2020, in accordance with the Groupe PSA share buyback program.


    This transaction is consistent with the announcement made on 18 December 2019 concerning the contemplated combination of Peugeot S.A. and Fiat Chrysler Automobiles N.V., which will entail the creation of STELLANTIS, the 4th largest global OEM by volume in an automotive industry undergoing fundamental changes.

    Subject to final approval by the Board of DFG, Groupe PSA and DFG have also agreed to amend the Share Repurchase Agreement signed on 17 December 2019 to provide that the additional 20.7 million shares covered by such agreement will have to be sold by DFG to one or several third parties, in one or several transactions by the end of 2022 in the event DFG has not sold those shares to Groupe PSA or to one or several third parties before 31 December 2020.



    Groupe PSA repurchases 10 million of its own shares from Dongfeng Motor Group (DFG) and approves an amendment of the Share Repurchase Agreement concluded with DFG | Media Groupe PSA (at https://media.groupe-psa.com/en/groupe-psa-repurchases-10-million-its-own-shares-dongfeng-motor-group-dfg-and-approves-amendment? )
     
    jimboy and ScramFan like this.
  2. Dave Z

    Dave Z It's me, Dave
    Staff Member Level III Supporter

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    Right, there was a lot of concern about Chinese ownership, as I recall, and this addresses that concern.
     
    KrisW, djsamuel and tlc like this.
  3. Stéphane Dumas

    Stéphane Dumas Well-Known Member

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    Could we play the song "Celebration"? ;-)
     
    tlc and tomit like this.

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