Stellantis N.V. announced that pursuant to its Share Buyback Program announced on February 22, 2023, covering up to €1.5 billion (total purchase price excluding ancillary costs) to be executed in the open market with the intent to cancel the common shares acquired through the program and following the completion of the first tranche of the program as announced on May 18, 2023, Stellantis has signed a share buyback agreement for the second tranche of its program with an independent investment firm that makes its trading decisions concerning the timing of purchases independently of Stellantis.
This agreement will cover a maximum amount of up to €500 million. The second tranche of the program will start on June 7, 2023, and end no later than September 7, 2023. Common shares purchased under the program will be cancelled in due course.
Any buyback of common shares in relation to this announcement will be carried out under the authority granted by the general meeting of shareholders held on April 13, 2023, up to a maximum of 10% of the company’s capital, or any renewed or extended authorization to be granted at a future general meeting of the company.
The purchase price per common share will be no higher than an amount equal to 110% of the market price of the shares on the NYSE, Euronext Milan or Euronext Paris (as the case may be). The market price will be calculated as the average of the highest price on each of the five days of trading prior to the date on which the acquisition is made, as shown in the official price list of the NYSE, Euronext Milan or Euronext Paris. The share buybacks will be carried out subject to market conditions and in compliance with applicable rules and regulations, including the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052.
As of today, following the relevant portion of the first tranche, the remaining authorization stands at approximately 290 million shares, which is expected to be adequate to cover this program, as well as any repurchase(s) of the 99.2 million shares currently owned by Chinese JV partner Dongfeng Corporation under the terms announced on July 15, 2022.
